There is a theory emerging now
Vibrational theory of olfaction is an old idea from the 20s. It resurfaced around the late 90s, with Luca Turin being probably the most prominent proponent of the theory (and developing it in interesting ways). A physicist friend of mine passed on Turin's book "the secret of scent" to me back in 2007, I found it interesting and had brief dip into the primary literature. As has been said, it is controversial, with limited and indirect evidence supporting it (to be fair, the lock and key mechanism doesn't fare much better). Admittedly I haven't been keeping up with developments since then.
Lock and key is an intuitive and comfortable idea (i.e. relatively boring). Vibrational theory is an interesting and appealing idea, with enough supporting evidence to keep it on the table. It's sexy, modern and involves quantum theory, which makes it ripe, low hanging fruit for the media - who have a notorious tendency to bias (I love the BBC, but they are not perfect).
The PNAS paper this year (mentioned above) provides evidence that at least some smell receptors do not work by vibrational sensing and casts doubt on the plausibility of vibrational sensing mechanism itself. It is a good read.