Brief synopsis: My opinion, backed by some empirical testing, is the Juenke machine does an excellent job showing the form of a bullet, at the points under the head. It may or may not give an indication of jacket wall variation. It does not show any internal problems with the lead core. Eric Stecker of Berger bullets did a test reported (at least) on 6mm BR.com
We tested the Juenke checker to see if the Juenke could detect voids inside the bullet. First, we marked an empty jacket with a sharpy on the outside to keep track of the relationship between the indicator read out and the position on the jacket.
Then we spun the jacket with nothing inside. The needle moved five deviation units. Next, we place a loose core inside the jacket. The needle moved five deviation units and the needle moved to the same position as it did with the empty jacket (in relation to our sharpy mark. Our last test was to take a toothpick are shove it down the inside of the jacket next to the loose lead core. This held the loose core to one side of the jacket. We spun this jacket with the core wedged off to one side and the needle moved 5 deviation units and was consistent with the position of the jacket in the previous two tests.
I am convinced that the Juenke checker can tell if the bullet is round and straight in relation to how the bullet sits on the ball bearings. This can be helpful and it is difficult to argue with some folks who can show that bullets with low deviation units perform better on the target (mostly long range). I am convinced that the Juenke checker does not look inside the bullet at the density are it would have acted different when we wedged the core to one side.
I am not saying you should not use it or that it is not worth owning (we have one and use it as a reference) but am merely sharing the results of our testing.
As I remember, several short-range bullet makers used the machine to sort their bullets. When they tested the bullet sorts by firing at targets, they found no correlation between "high-deviation" bullets and group size.
A number of long-range shooters (me included) have found the sorts useful. Of course, much depends on what part(s) of the bullet one measures.
OK, form is not terribly important in short-range BR. It is terribly important in 1,000 yard BR.
I wish Mr. Stecker had done a controlled test on jacket wall variation, but he did not. So far, to my knowledge, we have only one independently verified known use for the machine, and that is measuring the form of the bullet at certain places.