I can see my link has been posted here, so I just would like to comment. This seems to be a consistently controversial topic, but it also strikes me, personally, as a fairly obvious and simple issue. To my thinking, it's somewhat irrelevant whether or not the treadmill is 100% accurate. I would imagine in some cases it is not. Some will be too fast at a certain pace, and some will be too slow at a certain pace. In the end, accuracy isn't particularly relevant, if you think about it.
What is relevant is the effort you are achieving. If you believe 5:00 pace is not accurate, and that it is equivalent to 5:20 (or whatever) then go faster or set the incline at a higher percentage. Work harder. It really only comes down to how much EFFORT you wish to exert - not whether your 5:00 was really 5:00.
I can tell you from personal experience that there is never any doubt that the level of effort I exert on a treadmill session is honest and perfectly legitimate. I don't ever feel as if a workout (usually a threshold run) is TOO EASY. I make sure there is nothing easy about it. And inevitably, my workouts translate consistently to a "real" race environment - i.e. on the roads.
For anyone who isn't quite sure if their treadmill is 100% accurate, I invite you to increase the pace.....and when you start to feel completely uncomfortable - that feeling is evidence of accuracy.