Yeah, I edited my post. 'Horribly inaccurate' was exaggerated a little. It's still inaccurate, and has been in my case for several years. According to my BMI, I am "overweight", but my physicals/blood work always notes that my body fat percentage, muscle mass, bone density and cholesterol are are spot on.
I guess it comes down to what you define overweight or obese to be defined as.