It's not your imagination. Lycos continues to be behind in adding many new pages to its web index. Likewise, you're likely to encounter stale links and outdated information in relation to some queries. But in other cases, you may get very fresh results.
Lycos acknowledges the problem, which is related to an upgrade of its indexing system that's underway. The company hopes to have changes finished within the next few weeks.
One important change that the service has implemented is that it now spiders a select group of "premiere" sites on a daily basis. Pages from these sites are also given a boost in the page rankings. As a result, queries on popular topics such as "oscars" or "travel" often display fresh and relevant pages. It's when you do very specific queries that the index refresh delay is likely to cause problems.