I thought it did. When I went a couple of weeks ago I seem to remember getting something along the lines of "unable to update fastpass information" from time to time. Maybe there are multiple issues going on - the "information unavailable" message that I remember might come up specifically if your connection is weak, but maybe there is another problem that causes the "FP unavailable" message.I wish the app would say something like "Fastpass distribution has concluded for the day" when they've run out of FPs and say something like "Fastpass information is unavailable" when the systems are not talking.
In terms of accuracy, since there are such varying reports, I wonder if there is an issue with the app refreshing. I thought it was odd/aggravating that there was no obvious way to refresh, so I was continually going back to the main screen and then going back to the "attractions" tab to get updated times. If I forgot to do that the times would be way off.