What do search committees really read in a CV during initial screening for a faculty position?
I'm serving on a hiring committee this year that received roughly 180 applications for a tenure track position in mathematics.  All of the members of the committee reviewed all of the applications.  Most could be very easily eliminated from consideration (PhD not completed yet, PhD in a field other than mathematics, wrong area, etc.)  Although I got through some of these easy applications in a minute, the better applications took considerably more time to review, and I ended up spending about 15 hours reviewing applications for the first round or an average of about 5 minutes per application.  

When the committee met, we wrote down our top 20 lists, and it was relatively easy to select phone interview candidates, since only 18 candidates were on the top 20 lists of at least two of the committee members.  We offered phone interviews to 18 candidates and had 14 candidates who agreed to phone interview.  

I don't blame applicants for submitting to lots of places, but the reality in mathematics today is that nearly all institutions will be able to find enough applicants to phone interview that meet all of their requirements, are in the preferred area of specialization, and have some post PhD experience (post-doc, VAP, or both.)    If you don't have these qualities, then you're not likely to get through the first round of screening.