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EnergyStar certification just means the appliance performs better than the minimum Federally-mandated efficiency standards. In many cases, this is low hanging fruit. If you do poke around their website, you can find actual #'s which will allow you to determine who truly is making a highly efficient appliance and who is just cutting a few corners to get the certification.
ALSO, some of the changes being made in the name of efficiency are at the expense of longevity. For example, many of the highest efficiency/highest SEER rated air conditioners try to save electricity by shutting off their crankcase heaters. Sure, you're saving money by shutting it off, probably $20/year, BUT you're also shortening the life of the compressor by letting the oil thicken up when the heater's shut off. Good chance that a replacement compressor's going to cost more than the $200/10 years you're going to save.
As an aside, I would be interested to know if EnergyStar certification levels affect the 'standard' energy efficiency - that is, are the standards looser than they would otherwise be, so that more products quality for EnergyStar status. A little too lazy, and a lot too busy to do the research myself, but would love to know more about this.