It's non-reliable because without expensive specialized equipment it is, at the very least, non-repeatable. One can try, taking a dozen of shots, and see the results - they are conclusive only if a crude defect is present, and shots are taken with great care. More, some defects can't be diagnosed this way, while some can't be attributed.
A better way is to rely on aliasing, producing a "field", "rainbow" picture, as Jim explained. Results are fast and conclusive, no need in specialized equipment, and such test also allows to monitor lens and camera mount health - which is important for me in travels.
