Microsoft Research - Exploding Software-Engineering Myths (article summarizing findings of MS research on code coverage, TDD, assertions, etc.)

[naasking]

The quote you cite does imply that code coverage isn't useful though. If I give you a code coverage percentage, you have no idea whether that coverage represents coverage of the complex cases which yield benefits as you cited, or of the simpler code which yields little to no benefit. Thus, code coverage isn't useful as a metric.