I did it the other day when I first saw the post and I seem to be getting better battery life. Could be a typical placebo effect, but my phone sat on 100% for a couple of hours after doing this (with negligible use during that time, except for my compulsive turning on the screen every few mins to see if the battery had dropped - using Fightspit's Super Circle Battery Mod).
The two slight changes I made from the posted steps:
1. My first step was to wipe the battery stats using ClockworkMod. No special knowledge here, and I have no idea if this was a good idea or a bad idea, but I figured the best way to calibrate the battery gauge would be to start the process with no history. I didn't want to add to the old history, I wanted to start fresh.
2. I did the "unplug the phone, turn it on, when it's completely on, turn it off, plug in the charger, charge with phone off until you get the 'full' message'" part an extra two times. Just because. The first "extra" time, it took a few minutes to get the "full" message. The second extra time, the full message was pretty much instant and I was satisfied. I do not recommend doing what I did, because I have no idea whether it could ruin your battery in the short- or long-term.
Also note that my phone had a 43% charge when I first started this process, I didn't drain it until it turned off like some other calibration processes recommend.
Since I did this, I have just been letting it charge regularly overnight (phone on, plugged in) and it feels like the battery numbers drop more slowly with the same usage pattern.