I'm finding it to be the opposite. I'm sure that has a lot to do with my shopping habits compared to yours, but I've earned 1000 points from exactly 2 items out of probably $500 worth of groceries. I did miss the big bonus when they first opened the program. While I could be more strategic in my shopping, I'm not willing to buy things I don't want in order to get more points.
Frankly, as far as I'm concerned the program has the worst aspects of the traditional loyalty program (having to carry around the card and manage yet another account) and coupon clipping (in that I have to load the offers every week and look for certain items in the store), with the added benefit of spam sent to my mailbox (which I opted out of).
The whole thing irritates me to the point that I've started doing most of my shopping elsewhere. If the nearest Loblaws wasn't so convenient I'd probably have stopped going there altogether.