I believe the CISSP is still in a higher tier of proficiency than that of Security+. I respect both exams for the markets that they serve, but I don't think Security+ is on par with the CISSP. Now the CASP...that's a different story.
Security+ would be appropriate for the 18m - 2y IT professional (depending on whom you ask) and would present significant challenge to that candidate. CISSP targets the five year tier. CySA/PenTest are at the four year level, where CASP is more to five years. CISSP, as an exam, is more grueling, since it's 250 questions where the CASP is about 80.
/r