Well the tape measure method at
http://www.linear-software.com/online.html says my %bf is 24.21% (I especially like the precision of this answer nailing me down to one ten thousand part of my weight.) I'm very sceptical about this as it's such an outlier value, I'm wondering if they or I have made a mistake over units, like when NASA muddled inches and mm.
In contrast the tape measure method at
http://fitness.bizcalcs.com/Calculator.asp?Calc=Body-Fat-YMCA says my %bf is 7%
Using the pictures at
http://www.nerdfitness.com/blog/2012/07/02/body-fat-percentage/ to compare whose body is most like mine I'm closer to the 9-10% body than the 14-15% body (NBB: HUGE scope for wishful thinking using this method; take reality check pills before and after)
http://www.scientificpsychic.com/fitness/diet.html says my %bf is 9.3% While I remain doubtful about this answer this page does include some reputable references and the method appears to be the one developed by Hodgdon and Beckett at the US Naval Health Research Center in 1984. I think the measurements are in cm (haven't checked as I just used their online calculator); the formula for men is:
%Fat=495/(1.0324-0.19077(log(waist-neck))+0.15456(log(height)))-450
The formula for women is:
%Fat=495/(1.29579-0.35004(log(waist+hip-neck))+0.22100(log(height)))-450
The original paper can be found at
http://www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA143890 Their results are based on measuring 602 male navy personnel who were subjected to various skinfold and underwater measurements. Results were analysed using SPSS (a standard statistical analysis package - hence the wacky coefficients appearing in the formulae). The paper appears rigorous and so we might have some confidence in the results.
My conclusion is that the method pointed to in the OP is (probably) acceptably useful, and the dtic method offers a useful comparison.
Thanks campagman