It probably is too lax. I'd settle for 0.01, but 0.005 or 0.001 would be better for most applications (i.e - where you can get it). We have have the whole range of numbers between 1 in 25 and 1 in 3.5 million to choose from, and I'd like to see an actual argument before concluding that the number we picked mostly from historical accident was actually right all along. Still, a big part of the problem is the 'p-value' itself, not the number coming after it. Apart from the statistical issues, it's far too often mistaken for something else, as RobbBB has pointed out elsewhere in this thread.