waross,
True enough.
I guess the real question is how accurate are you trying to get, and how much of a pain in the *** are you willing to put up with to get there.
With most facilities I would typically do any work in, it would be nearly impossible to use the utility meter method, as it would be nearly impossible to know the difference you are observing at the meter only corresponds to the motor in question (as so many of the other loads in the plant would be varying continuously). I can see where it would be a good idea if it were possible to assume all else equal.
I sort of think that if the motor is loaded somewhere between say 80% and 100% during the vast majority of its time in operation, the power factor can be assumed to be close to the nameplate value (assuming you are given a nameplate value). The increasing ratio of the magnetizing current (which is constant) to the total current would be counteracted by a decrease in the apparent power drawn as a result of the motor's leakage reactance. Granted, these two opposing quantities may not be equal, but again, it comes down to how accurate we are trying to be.
Thanks,
VxA