I hear conflicting claims about our understanding of the structure formation in our universe. I heard that ΛCDM explaines well the large scale structure of the universe i.e.
Comparison of the model with observations is very successful on large scales (larger than galaxies, up to the observable horizon)
and then I read the opposite on nasa.gov:
However, we still do not understand how these structures condensed out of the 'primordial soup'. The formation of structure appears much quicker than the current theories would have it!
So what is Lambda-CDM actually good at and what are its potential weaknesses, if there is any?