Honestly, I am not sure. I do know that when the pH calculation first came out, I compared the pH predictions between BeerSmith, Bru'n Water, and EZ Water Calculator using some older recipes and found them all fairly close, but never quite accurate. Since I adjust mash pH using salts and not acids, I was mostly testing that aspect. I can say, however, that the acid addition recommendations on BeerSmith were grossly higher than those recommended by either of the other programs. The recommendations for acidulated malt, for instance, was 10x higher than what I had used to reach the same pH result.
As with all new modeling programs, I always recommend heading into it slowly and feeling out the quality of the prediction without risking a total loss of overshooting until the software is proven accurate.