I have just received my first CMAS Alert through the iPhone, and it scared the hell out of me (as my phone is usually muted)! I wasn't aware of the fact that iPhone could receive Japanese earthquake alerts. It seems to be pretty efficient though: just 20 seconds later, the tremours (epicentre Ibaraki M5.8) rocked the building.
Last night at 2 AM the CMAS went off again, scaring the hell out of us. Fortunately, the "strong earthquake" expected to occur in Chiba never materialised. I reckon CMAS is still far from being failproof.