It's accurate, on my Saturn, if I can manage to get the gas tank filled to the same level at every fill-up. I can go 2 or 3 fill up and it's within a tenth or two gallons. Other times it's been off by as much as a gallon and a half.
For accuracy, use the same gas station, the same pump, even. Gas pump "tank full" accuracy is all over the place. Minus .5 gallon.
Let the MPG readout be your guide to improving FE. Why, I got 40.7 MPG on my 70 mile commute this morning. 40+ MPG for the last tank. Back to pump inaccuracy. ScangaugeII said I used 11.1 gallons. I gassed up shortly after my "low gas" light came on. Not my usual gas station. !@#$ pump cut off at 8 gallons! So I ran the pump a few more times to get it to finally stop at 10.1 before spashing a little bit of gas out the tank. But still, 10.1 gallons from the pump was not close to the 11.1 gallons shown on the SG. Must have not filled the tank completely last fill-up, another not-my-usual gas station.