I've been using the code in the footer of 2 forums and a regular website, and I have always seen plenty of data come through. It's always accurate too.
I haven't ever had any problems with it.
If Google was having incorrect data come through, by now they would have changed the instructions, but it still says to always add the code immediately before the /BODY tag.
I trust Google with their thousands of happy customers over some guy from Texas.
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