Based on the results from well-preserved penguin bones in Antarctica, the accuracy (and assumptions) of genetic dating is being questioned by researchers at Oregon State University:
http://www.physorg.com/news177083943.html
"We believe that traditional DNA dating techniques are fundamentally flawed, and that the rates of evolution are in fact much faster than conventional technologies have led us to believe."
Really not too surprising, but the dust will take awhile to settle. A lot of current molecular techniques are probably way cruder than they're portrayed as.
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