It's not lame anymore when it has to save your life though lol :rofl:
Well, actually one doesn't die just because the mask does not work / does not seem to work. There is in fact no record of saved lives due to using oxygen masks, and also not a record of lost lives due to missing oxygen masks.
The emergency descent will be performed by the pilots quite quickly. Healthy passengers which are in a good condition are able to withstand those few moments without problems. But it is uncomfortable for your senses and ears (whilst the use of an oxygen mask has no effect on the ears anyway). The oxygen system acutally is most important for the cockpit crew in the first place to keep their senses sharp and of course to prevent a "possible" blackout. Of course it is a security equipment on the whole to also prevent "possible" blackouts of passengers. But it does not really save lifes as long as the cockpit crew performs what they are trained for.