Originally Posted by Maestroquark
Any meter is only as accurate as the combat log range of the players involved in making it. If everyone is in range, it's accurate. The two ways to make sure this is true is to either expand your combat log range, or sync with multiple people running the same mod to make sure the entire group is covered within the existing range.
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This is only partially true. Some meters parse and record data incorrectly for other players.
For example, SW_stats still has issues with hunter pets (pets in general, really) and hunter autoshots, counting a hunters damage as Munter did x damage and Munter' s Autoshot did y damage, rather than adding the two. This is just one of many examples of parsing mistakes.
Generally such mods are better at counting your own damage without error so the only way to ensure 100% accurate stats would be to have everyone in the raid run a mod capable of syncing.
Alternatively (I don't have any links to this at present, sorry) you can take the combat logs themselves and parse them outside of wow. I did come across a parser which did this and broke various statistics down in a very similar manner to recap. The basic idea was that 5 or so people sent their combat logs to one person for parsing, the script did its job and that raid would be posted publically for people to poke at.
It all depends just how accurate you want to get. Generally (with the possible exceptions of hunters, who seem to break most addons) any meter will show slacking.