From my experience in testing a lot of athletes (from 1:46 guys to 2:05 guys) here are my conclusions. Providing the athlete runs it properly (ie. goes pretty much flat out right from the gun, running the first minute like it was a 300m) then:
1. The faster the athlete, the better the prediction
2. The 400-800 guys usually have a better prediction that the 800-1500m guys because they tend to go out way faster and don't "pace themselves".
3. It's not accurate at all for women.
4. For men, the prediction they get in December or January is sometimes where they will be in their peak phase. Again, providing the prediction is accurate, which it usually isn't.
Remember, if you're doing a Kosmin, don't pace yourself. If you want the most accurate prediction, you have to go nuts on the first minute. I have seen distance guys capable of running 50.0 for the 400m split 55 during their first minute of the test. Subsequently, they cover a lot more ground on the final minute which grosely inflates their predicted time to something way faster than they are capable of running.
hope this helps,
jT