Hi JohnnyTheFox!
Inflation has certainly been accepted now as an incontrovertible part of mainstream cosmology. It does as you say resolve several problems of GR cosmology:
1. The smoothness problem - why is the universe, a product of the big bang, so homogeneous yet not completely homogeneous so that large scale structures, galaxies, stars, planets and eventually us, could form within it?
2. The density problem - why is the observed density of the universe close to the critical value that separates the open and closed Friedmann models of GR cosmology? It is so close to call that even after 70 years of research no one is sure whether it is open or closed. Yet the deceleration of the universe's expansion should have driven the actual density away from the critical density by around 60 orders of magnitude!
3. The horizon problem - Why is the universe so isotropic that observations of one part of the sky look very similar to the opposite part? The Cosmic Microwave Background (CMB) is isotropic to one part in 10
5, yet in the earliest stages of the BB these separated regions were too far away from each other for light, and therefore any information, to get from one to the other!
Inflation not only resolves these problems by saying that on top of the normal expansion there was a phase change in the "Higgs field" at
10
-33sec. after BB causing the universe to expand explosively and exponentially by a factor of about 10
60. This smeared out any inhomogeneities, forced the density down onto the critical value to a very high precision and threw apart causally connected regions to opposite ends of our present sky!
Inflation also produced most of the mass of the universe 'out of a hat' - not quite a free lunch, but certainly a very cheap one!
A further benefit if the hypothesis is that it also separates out primordial magnetic monopoles that are predicted by GUT's, thus explaining
their non-observance.
Inflation predicts the present density of the universe should be very close to the critical value and that space should be 'flat'. The COBE/WMAP data seems to verify this prediction, although as I have constantly said the data actually only verify that the universe is spatially
conformally flat.
However what are the problems with Inflation?
First there is debate as to whether it actually does solve the initial conditions problem completely. It certainly alleviates the problem but still rather special initial conditions are required to produce the homogeneous and isotropic universe we see today. http://arxiv.org/PS_cache/hep-ph/pdf/9506/9506283.pdf
A criticism that is often levelled at models of vacuum energy driven inflation is that they require unnatural fine-tuning [2]. There are two parts to this problem. First of all, such inflationary models necessarily contain small parameters in order to generate an inflationary potential significantly lower than the Planck scale. To provide a physical justification for this, one should perhaps associate the inflationary scale with one of the scales needed in viable unified field theories of the fundamental interactions. The second aspect of the problem concerns the initial conditions, specifically the question of how probable are the initial field configurations necessary to ensure an inflationary era.
The major problem of the theory is that it predicts the existence of a Higgs Boson, a very heavy fundamental particle that endows other particles with their inertial 'rest' mass. This has been sought after for more than thirty years without success, does it really exist? And if not, can the theory stand up without it?
Furthermore, mainstream Big Bang cosmology having resolved its smoothness/density/horizon/ problems with Inflation then required the further speculative additions of non-baryonic Dark Matter and then Dark Energy. Together this heady mix does produce a theory, the LambdaCDM model, which is concordant with observations but at the price of introducing new physics that has not been verified in the laboratory.
Given these caveats are there any other alternatives?
The major alternative to Inflation is the
“Freely Coasting” Cosmology model. (FCM) The smoothness/density/horizon/ problems of the decelerating Friedmann models do not exist in the first place in a strictly linearly expanding model, which does not require exotic Dark Matter or Dark Energy either!
If the FCM should pan out then Inflation/exotic DM and DE will be remembered as examples of a modern day set of epicycles invoked to 'save the appearances' of the Mainstream model!
Garth