I am not saying that current warfighters are not performing any fewer acts of heroism, but from everything I can tell, the current war is no where near as intense as Vietnam, WW2, and the like, and that explains why so few have been awarded. The situations that lend themselves to heroics are much fewer and there are far fewer personnel involved. The 'surge' in Iraq means that there's what, 160,000 troops on the ground? That's a lot, but the Vietnam conflict had over half a million and WW2 had something like 12 million.
The scale seems to be appropriate, I think.
To some degree, but 3 is what, less than 2% as many were awarded as in Vietnam? I'll admit there is a different mission, different intensity, and fewer boots on the ground, but OIF/OEF are more than 1/50th of a Vietnam. I'm just using that as an example.