I find it a bit strange that men and women both use the same formula with BMI calculation.
I think every measure is a bit flawed though. I know the skin fold test is - my brother was a very good comeptitive swimmer, very fit etc and when they did the skin fold test on him they had to do his twice becuase the reading was obese, when he quite obviously was not.

Even the waist measurement thingy with women supposedly needing to be 80cm or under.
ATM my bmi is around 23, but my waist is 81 and really even when I lose the extra 5 kilos, I doubt my waist measurement is going much lower than 79.

Theres no right formula for everyone, I think the BMI was supposed to suit a lot of people, and I know that they use it in the defence force too.