Why does this even matter? If you have a large delta time then your game is fucked anyway. Collision detection will likely also be broken and the game is unplayably choppy anyway so it doesn't even matter.
Drops in framerate happen. Why not make a best effort for accuracy? Also, it's interesting and insightful.
No, they don't.
Game logic should run at constant 60 or more fps, even when graphics framerate is lower: http://gafferongames.com/game-physics/fix-your-timestep/
But yes, it's an interesting article, and this method allows for a bit more accuracy.