Hokie -
For bending moment, I believe that would be true. But, the shear forces could be under-estimated. In that way, you might be conservative with the amount of reinforcement, but unconservative with the thickness of the slab.
We're not talking about giant, huge discrepancies here.... maybe 15% for a pretty thick mat like the example given in the paper. And, the dimensions and such for that slab were probably chosen to give a higher than normal discrepancy. So, it's not one of those "stop eveything" issues that we sometimes see. For most foundations the discrpancies are small enough that it's really not an issue of safety
It's just one of those things where true FEM guys wonder why you would use that type of element for thick mats. Elevated slabs and thinner slabs would be fine. But, thicker foundations (like you sometimes get with pile foundations) could be problematic. I know I cringed a little when I read that WWTEng said that he had used PCA for a pile supported slab.