I think they're rather out of date even in the year they're printed, because they have a 1 year + lead time for compilation. Especially in today's publishing market where magazines are folding every month, there's got to be a LOT of bad info in them. Even the stuff on galleries is going to be dicey, because galleries come and go and change staff frequently.
My wife illustrates childrens' books and has the equivalent book for childrens' publishers. She says that it's useful, but "incomplete" (read: dated). To update her mailing list, she goes to Barnes and Noble and/or Borders and sees what's on the shelf for sale.