According to comments here, as well as the feelings of both my players and I, Keep on the Shadowfell does not award nearly as much treasure as the 4e parcel system suggests that it should.
Does anyone know how much is actually missing?
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Let's take the example of Keep on the Shadowfell. The adventure is designed for 5 characters that start at level 1 and should be near level 4 at the end of the adventure.
According to the Player's Handbook the treasure parcels for for such a party should contain:
If the players gather all the treasure in all 25 encounters of Keep on the Shadowfell, they gain the following:
So it looks like the magic items awarded are slightly less powerful than the treasure parcels suggest, but the monetary value is roughly 30% higher. Some of this is hidden or in locked chests, but nobody said that treasure hunting would be easy.