It depends - the required time cant be relied upon to be called at the required time as Windows is 'multitasking', and thus another process (especially if it takes a long time to complete something) can effect the timing.
I'm not using a multimedia timer (just the standard Windows interrupt) so to solve this 'problem', there would have to be a lot of interest before I changed over to something else.
However, to be honest, I dont think you'll notice any timer delays, unless you go manually timing each interrupt. If absolute accuracy is needed though, you could try the high-precision timer (which IanM has made availiable in his plug-in). However, that does have to be manually read...
I am thinking of doing a waitable timer (which does something after a certain time) - which is a once-only timer.
Mirrors are more fun than television. Well, that was fun, in a not-so-fun sort of way...