Seem to have become unreliable. I've received at least one new privilege and received two badges without notification.
Badge changes are showing up for me by the bar-graph type achievements icon turning green from the default grey (or red, for reputation changes). Presumably there is some list somewhere of what each of the icon colors mean.
Also, "The Script" cycle time seems to have changed. Previously, the Enlightened badge refresh was (apparently) once in two hours, now it seems to be once in 3 or 4 hours. It is likely that other recalculation periods have also changed, hence making the badge and privilege notifications appear unreliable.