Is recycling really good for the environment?

One of my buddies just showed me this show recently called "Bullshit" on showtime. They did an episode were they looked at recycling and what it was really doing for the environment and for our pockets. From the information they were giving, it would seem that recycling is not only economically inefficient, it is not really helping the planet in any significant way. If anyone has any relevant information I would love to hear it, thanks!