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Interesting. I just took my first practice CAT today that was included in my Manhattan Review course. The test is given by CATPrep. Anyway, on Quant I got 22/37 questions right and it gave me a Q21. The chart says I should have gotten Q32. Big difference. On Verbal I got 33/42 right and it gave me V42. The chart says I should have gotten46. Again, relatively big difference. In both instances, the chart you provided gives me a higher score than the actual test gave me based on the number of correct answers. Additionally, overall I got 52 answers correct and got a cumulative score of 550, the charge implies I should have received a 580. So, overall it seems like a VERY rough estimate of what your score will be. But again, my test wasn't an actual GMAT Prep test provided by MBAdotCom or the testing service.
This doesn't look like it is anywhere close to reality. Just look at what people actually scored and compare it to the chart.
I got a 770 (50Q 47V). According to the chart, for a 50Q I got 31 correct and for a 47V I got 33-34 correct, for a combined 64-65 correct answers. The bottom chart grades that as a 680-690.
This chart pays no attention to the difficulty of each question. Maybe it was accurate back when the GMAT was on paper.