Depends, really depends where you travel. ( I dont think it has really improved for anyone except for those who commute through metro). For someone like me who has been travelling close to 90kms daily to and from office for the last 4 years (yeah, fine, same company), travelling time still very much remains the same - travelling at a dismal speed of around 30kmph. This becomes more pathetic when you look at the fact that most of my travelling route comprises of national highway and then ring road, which is signal free.
Significant development has been done in the last 4 years, admittedly and the situation could have been much more worse.
But thats not the way to look at it. The situation could have been much better, a lot better had the authorities been proactive and had expedited the work. Look at the way metro work is being done. And look at the way NH8 was constructed - it took forever to get it ready. (add to that another month after its complete, waiting for a VIP to inaugrate it).
There is similar situation with Naraina cross section/flyover - the place has remained a blot on ring road forever terrible terrible. You can never be sure of your travelling time if you have to cross Naraina. It is one place that I need to cross to reach South Delhi and go to some decent hang outs, meet with friends etc etc. I can tell you that the idea of crossing this place completely puts me off restricting me to just one part of the city. (I think traffic is more responsible than television in killing people's social lives).
So many of my colleagues keep telling me they want to quit and look for some job close home. One guy indeed had to leave due to back problems (you seat in a cab for like 3-4hrs everyday). Alas! When you are in Delhi you dont have much choice, have to look for a job in NOIDA or Gurgaon, and both are equally bad. There are of course many other obvoius negatives of traffic jams, i dont want to get into.
So do I see the situation improving? Well, completion of Naraina flyover should provide a lot of relief. And given the fact that we have the commonwealth games upon us, I think some urgency will be shown and work will be expedited.
The problem with the traffic situation is it does not seem to be planned - not looking what the traffic situation would be, say 5 years down the line and work accordingly. I also feel there is not optimal use of the current infrastructure. Outer ring road and the inner ring road are the lifelines of Delhi. Delhi also has decent rail network with decent number of railway stations all across the city. We now have the metro also. We should somehow connect these four through feeder buses or some other way so that people can travel between two place in the city hassle free taking the least possible time. Than only we would be able to encourage use of public transport and improve the situation.