wow, been a long time since we've been on the rating subject.
As a player who has been around and has spent a lot of time examining and picking it apart i have to tell you. The rating system, while it does have a couple of quirks in my opinion, still is very accurate in showing the skill of a player according to wins and losses. The only issue i have with it is the players that play a ton of tourneys have a distinct advantage.
This being said, the debate i beleive should be over. Its about as fair as it can be. Its by far the best on the net.