Like you, i've had lots of success cycling new tanks with mature media from an existing set up, and on the odd occasion, due to my impatience and adding fish too quickly, there's been the odd time where my parameters went haywire.
I realise now that by using the word "myth" has made me look like i'm not a believer in this method at all, far from it.
But I do stand by my statement about there being too many variables involved for it to be considered 100% trustworthy. Especially for people who are pretty new to the hobby. An element of expertise is needed to understand what's going on.
Agree completely; I don't suggest that it...or, for that matter, anything...is foolproof. I am living proof of the notion that nothing is foolproof to a sufficiently talented fool! It's just another tool to use, and is more or less useful based upon the skill of the user...just like any other tool.