The Lisbon Treaty will undoubtedly increase efficiency of legislating in the European Union, but it will do so at the cost of the existing governance of the union. Under the Lisbon Treaty, the EU commission and the Council of Ministers have largely lost their powers to the European Council. This new, more unilateral, decision making process will consequently be more efficient.
The Lisbon Treaty is flawed, but not for the reasons many of its opponents claim. In fact, it is flawed because it does not integrate Europe enough into a federal system, and leaves behind a dysfunctional and messy system that's largely there to benefit private corporaitons and banks. Time for real integration.