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I see it as a matter of accuracy versus practicality. Personally, I use word count and page count as an indicator of how long I'll take to read that book. So as long as the counting algorithm stays within a, say, 5% error margin over the 'real' count (however you determine that count), it doesn't really matter whether it's exact or not. I just need the count to stay consistent across books.
So for my use case, the plugin is about perfect. It even lets me define the number of characters per 'page', so I could have the same page counts I get in my reader (within acceptable error margin).
Sure, I would hesitate to use the plugin as a number generator in a scientific paper, but as I'm not writing any of those using the plugin has no downside whatsoever (that I could determine).
N.
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