Over at Christianity Today, J. D. Greear asks that very question:

Shorthand phrases for the gospel can serve a good purpose, insofar as everyone knows exactly what they mean. But in light of the fact that so many in our country seem assured of a salvation they give no evidence of having, and so many others are unable to find assurance no matter how often they pray the prayer, I believe it is time to put the shorthand aside and preach simply salvation by repentance toward God and faith in the finished work of Christ. Or, at least, to be careful to explain exactly what we mean when we call for a response to the gospel.