It's... hit and miss. Looking at the Amarr section (because it's something I feel I can reliably comment on), he gets the history - slow, but unswerving progression - and social archetecture down pat... but seems to take the Amarr faith to mean that ultimately only True Amarr are actually saved, regardless of faithfulness. Later in his RP tips section he goes on to suggest that there are two categories of Amarr character: The Religious Reclaimer and the Faithless Self-Promoter.
Looking at the Matari section it's the opposite: He's got a lot of the RP archetypes and player-surrounded politics well described, but in history he skips straight from the original Rebellion to the Elder War - which seems to be a bit of a jump, seeing as it passes over things like the Defiants, Khumaak crisis, and peace initiatives (along with the controversy surrounding them) under the leadership of Karin Midular.
EDIT: TL;DR - it's a good simplistic document for the very, very basics of EVE lore. However, if one had only read this document alone and then dropped in OOC, they would likely find out that a lot of things aren't necessarily as presented.