What I tried before appeared to work, but actually did not; if you care you must review the wiki edit history...
What does work (for me) is, to both lower the value of pam_faildelay.so delay=X in /etc/pam.d/login (I lowered it to 500000, half a second), and also add nodelay (preceded by a space) to the end of the line in common-auth, as described by Gabriel in his answer.
auth [success=1 default=ignore] pam_unix.so nullok_secure nodelay
At least for me (debian sid), only making one of these changes will not shorten the delay appreciably below the default 3 seconds, although it is possible to lengthen the delay by only changing the value in /etc/pam.d/login.
This kind of crap is enough to make a grown man cry!