Think of it as a tool to suggest a starting point. It's really no different than getting an educated person to give you a starting point. It's only as accurate as the information you input. Like Snag says, the better measurements you make regarding all of the variables, the closer it will be.
That being said, whether it will be accurate for you depends on you. If you snap shoot, creep forward at release, have a rigid string hand, torque the bow, torque the string, have a bunch of stuff on your string, etc, can all affect the accuracy of the calculator.
Again, I see it as a starting point, just as I would if I went to a pro shop and talked to a professional. It has been accurate for me.