This guy sums up my feelings pretty well. Essentially saying there is so much out there, so much is bogus, much is good, how to tell the differnce. He goes on to propose some ways to do it, and on those he may be right. I can say for certain that something needs to be done, just not totally sure this is the way to do it.
It is hard to judge a lot of the data. For the companies I know REALLY well (i.e. looking through their books, or our own company) - I can see that the data in these DB's is flawed. The question really is "Is it good enough for what you are looking for?". Does the CFO's name really matter? If you are trying to sell him something, then it is the most critical peice of information. Does the sales number for last year matter? When we are public, there is no excuse for getting this wrong, but still it may not matter for what you are looking for. The uncertainty is what knaws at me.
I guess I haven't done any large screens for information, only targetted searches on small lists of companies. This may color my perception of the data, as I get to know these companies really well.