Rick, some studies show Echinacea doesn't work and some show it does. I wouldn't trust one study or one opinion on anything. From that National Center for Complementary and Alternative Medicine (NCCAM) site linked to above, on a new study:

"Our hypothesis is that the variation in reported clinical effectiveness may be due to differences in the phytochemical profile of the Echinacea preparations used."

From this page:

Problem sources in the data:

Distinct flavor unblinds study: subjects know if they are taking Echinacea or placebo based on taste.
Method of extraction is variable between studies and not standardized.
Sample population was not representative of general population.
Recall/Reporting/Observation bias
Funding sources: Proctor and Gamble, the makers of Nyquil and Dayquil, funded on of the studies against Echinacea.
Regulation and dose standardization: there is no standard measure of dosage.
Three species: different studies used different species.
Part of plant used: different studies also used different parts of the plant.
Roots vs. Upper Plant

Conclusions:

Effectiveness is inclusive
Would not discourage use

Personally, considering there really aren't any side effects and it didn't cost me anything, sure I'd try it. I started taking it in Nov and haven't had a cold since then. Typically, I would have had at least a couple by now and there have been some going around. So maybe it's the echinacia, maybe there are other reasons. I don't really care - I'm just glad I haven't had the usual miserable sniffle-season.