ElectronicsNoobie:
Thanks for the link about voltage regulators I didnt realise that a lot of their utility came from their efficiency rather than their accuracy.
There are two types of regulators: linear and switching. The link you read talks about why switching is more efficient than linear.
So no, it is not correct to say their utility is more about efficiency than accuracy. The correct use for a regulator is to provide an accuracy voltage source. You should a switching regulator when efficiency is important.