From the studies I've seen, Bioelectrical impedance analysis of body fat is accurate to about 3-5%. They also seem to error on the high side.
Calipers are accurate to about 3-5%, while they error on the low side. This is also when an experienced user is using them. The average joe, or the average trainer, will result in less accuracy.
Some tips for the best Measurement via BIA:
1. Place electrodes according to manufacturer specifications (sites should be measured). Misplacing the electrode by as little as one centimeter decreases measurement accuracy.
2. Body position affects BIA. The test is most accurately done in the supine position. Limbs should not be crossed.
3. No eating or drinking within four hours of the test.
4. No exercise within 12 hours of the test.
5. No alcohol consumption within 48 hours of the test.
6. No diuretics within seven days of the test.
7. Urinate within 30 minutes of the test.
....extreme muscular hypertrophy presents special problems that may limit the accuracy of body composition assessment via BIA. A recent study by Loren Cordain at Colorado State University found inconsistencies among commonly used procedures for estimating body fat percentages in competitive male body builders. The average percentage of body fat for the body builders was 16.7% for BIA, 12.5% for underwater weighing and 10.4% for skinfolds. BIA overestimated the body fat percentage because equations for men who did not weight train were applied to highly muscled athletes.......
Measuring up: evaluating the most commonly used methods to determine body fat | American Fitness | Find Articles at BNET