From everything I have read, and from my own experience, the TPMS is temperature compensated (68F) and is pretty accurate, within manufacturing tolerances. I haven't found much evidence either way as to altitude compensation, but I suspect that they are not compensated for elevation. I'm at about 1200' elevation, and the TPMS is very close @ 68F.
If you have much moisture/condensation in your tires, the TPMS will be less accurate.
I do adjust my tire pressures to keep the displays at 42psi. I've been cross checking to ambient pressure compensation charts and tire pressure gauges and have full confidence in the bike's display.
Glad yours is accurate.
Mine isn't close to various other tire gauges that all agree. Whether my bike is up in the Rockies, out west, high, low, in between, or right here in Tampa its been off. I'll agree mine is within our "manufacturers" tolerance though =)
Mine is great to proactively see a tire going down but as far as accuracy goes, I'm with the others