Pickup placement need not be precise; once the general location is determined, a few millimeters won't make much difference. BUT:
As you get closer to the bridge, a change of 1mm will have a bigger and bigger impact. Think of it as a percentage: if you're close to the neck, a change of 5mm, say from 250mm to 255mm from the bridge (with scale length being 34 in. = 863.6 mm) is a change of only 2%; If you're only 20mm away, a 5mm change (to 25mm) is a 25% change. This is why the bridge pup placement change from 60's to 70's J Basses is so significant.
Also, pups basically take a reading of the string vibration at a specific point--so if your pup happens to be at the location of a node for a particular frequency, that frequency will not be picked up by the pickup. This is not an issue for fundementals and lower overtones, but as pitch increases the nodes get closer and closer together. Of course, all of this changes once you fret a note!
Or, say if you have 2 pups, one pup could be reading an upward movement of the string while the other pup is reading a downward movement, thusly cancelling each other out (again, this concerns overtones only, not the fundemental). Or they might reinforce each other for another frequency, making that pitch louder.
Not sure how all of this affects pup placement, but it's food for thought anyways!
