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it's failry dead on. for the festival to go off, it has to be. There have been late night delays (last year at Mars volta, and '04 during the massive thunderstorm). Other than that you don't see them deviate from the schedule much at all. The only time will be if technically difficulty occurs, and it does occur from time to time. If a band takes the stage late, essentially they shorten their time slot.
so the answer to your question is yes, the times are very accurate.
the ending times for the latenights are the only ones that arent strictly enforced. i wouldnt be surprised to be walking back to camp as the sun comes up after umph/bisco