Except Asimov himself saw issues with it as the story progressed and created the Mule and Daneel to explore obviously flaws in this type of model.

I agree with Asimov additions in the last books of that series ("The foundation series" for those that haven't read it). Its a nice idea, it may even work to some degree, but it cant handle black swan events and hence isn't something you wouldn't want to rely on it the long term. Maybe something to use as an extra guide for caution than an actual oracle.