I think there is likely a difference between the term "Optimum" as is being used by several folks on the forum and Davenport's definition of "maximum efficient" . If by "optimum" you mean the ideal accurate load, then we are talking apples and oranges. The maximum efficient load is just the maximum amount of powder that will be completely consumed before the projectile leaves the muzzle. It has little to do with the "best or most accurate" load for a rifle. I have tried using the load from the Davenport formula and have, in some instances, found it to be pretty close to the most accurate. It does seem, in some cases, to give the most consistent muzzle velocities as measured by my chronometer. However, this is not always true and that amount does not always prove to be the most accurate nor provide the best down range kinetic energy.
So, just how valuable is the Davenport Formula? Eh, :idunno: Hard to say. I guess it all depends on what you expect of it. Like I said, it has its shortcomings in that it does not take into consideration the variations in the many powders on the market. Just don't ask it to give you a spot on most accurate load for your rifle. The Davenport Formula can be useful in the right hands but, it is what it is and nothing more.