Mike,
I'm a bit surprised by this post. I always thought you were one of the rare players who don't always play by the flow and do stuff like donking flops hu. There was a decent thread about this not too long ago where ggbman made a decent post and there is a link in that thread to an interview with JV on this. Even Sklansky has written some stuff on this (in his now extinct forum I believe). Perhaps someone can provide us with links...
I think the general consensus is that it can't possibly be perfect because you are neglecting like 50% of possible lines. However in practice it's not far from correct due to the limited ability to control the size of the pot and the tiny bet
ot ratio in lhe. (I say this because it appears that this is not optimal in NL where I think most experts agree that a "continuation bet" even on the flop is not mandatory and frequently overused)