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Reliability of Speed Tests

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There's been quite a bit of debate recently about speedtest.net, speedof.me, and other testing sites. When speeds are slow on one but not the other, is it because the server itself is overloaded? Is multithreading masking slow speeds? Could there be congestion beyond 151 Front, but not within Toronto? Etc, etc. My current stance is that speedof.me is unreliable at peak times. Evidence for this includes the fact that I could watch youtube at 1080p and run torrents while speedof.me was showing 4mpbs download speeds. Speedtest.net showed 45 mbps on all servers (I'm on cable 45/4). Others strongly disagree and say speedof.me is the only accurate test due to its being single threaded and outside Toronto. I am skeptical, but would love to see other people's experiences and hear from some networking experts. If we can't trust certain speed tests, its important to know as we try to diagnose systemic problems within the networks (both those of the incumbents and TSI).

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