No. This is a better approximation for boundary layer turbulence, it's not a golden equation. Better approximations for annoying problems in fluid dynamics are published quite often. I think has plenty of practical use though, I'll probably be trying to integrate it into some cfd work to see how it behaves compared to our current approach at work. Disclaimer that I am not a physics phd, but I do work with a hydraulic research group so I've picked up bits and pieces.

If you want to see a fun example of fluid dynamics approximations, look at the Wikipedia pages for the Darcy friction factor and Colebrook white equation.