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Pivot Points - Do they work?

The following 4 mini-articles have been published in the form of answers to questions:

Do Pivot Points Work?
What are Pivot Points?
How do you calculate Pivot Points?
Where can you find Pivot Points?

Comments and questions welcome. Just hit the reply button and let us know what you think... (if there's not reply button then hit the register link at the top)
I have the pivot points (up to 4 deep) on my chart but IMO the previous day(s) reversals, high, low and close are better 'pivot points'.
That may well be the case and shouldn't be too difficult to test. If you wanted to test it and produce hard empirical figures from it then you could use the same methodology that I used for testing the pivot points: i.e. there are 2 undisputed resistance and support points during the day which are the high and low (assuming that we don't close on the high or low). Measure how often these two points are within a certain number of ticks of one of your premeasured support/resistance lines - no matter where you get them from.