Interesting two part article by a Harvard Med School professor on whether psychiatric meds rely on an "activated placebo effect" (i.e. a placebo with side effects). Some would argue this isn't necessarily a bad thing as long as they are perceived to be efficacious by those taking them.

http://www.nybooks.com/articles/archives/2011/jun/23/epidemi...

http://www.nybooks.com/articles/archives/2011/jul/14/illusio...