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It certainly is accurate, but incomplete.

It is only showing 1 of the 25 torrents I added to my list in the last 24 hours and have completely finished downloading.

It seems to ignore fact most consumers are on dynamic IPs. That makes it worse than the RIAA's technique - at least they try and get an ISP to lookup who was using an IP at the time.
Not to mention that some trackers, most notably the Pirate Bay, add fake peers to the swarm. Who knows who is getting falsely accused of what?
While IPs are dynamic these guys do have timestamps so it does correspond to a particular computer at a particular time. You can also get addresses from DHTs...
This is the best link I have ever opened at work.