Even its advocates admitted that "by the mid-2000s reengineering has largely lost its violent language and radical character. It has become a generic label for making change in organizations" (Reengineering 2011, INC). Reengineering is not accompanied by a specific methodology of "statistical quality control" like Six Sigma, and virtually any organizational change can be labeled reengineering "large restructurings in industry leading to mass lay-offs, off-shorings, and out-sourcings" which may not necessarily lead to the maximization of organizational efficiency in the long run, but merely result in short-term profits. Reengineering has become a way for almost any desired change to sound like a process improvement, no matter how hasty, ill-advised or self-serving on the part of management. In contrast,...

The idea that fixing things that do not work from the ground up is clearly often beneficial. There is always a need to be constantly reevaluating and retooling procedures to improve speed, cost containment, and agility seems valid. But 'reengineering' has not added any substantive and earth-shattering paradigm shifts to management literature like JIT, Six Sigma, and TQM.
References

Reengineering. (2011). INC. Retrieved February 20, 2011 at http://www.inc.com/encyclopedia/reengineering.htm