It can be as accurate as you like - if I switch to satellite view and zoom down to street level I can see in my own bedroom window!
And, as I told him on the Help! thread, I found ImageMaker crossing Red Square.
But I don't think he really camps on the sidewalk outside the Kremlin -
of course you don't have to put the pin exactly where you live.
Edited version: I've had another look and see now the 'add location' button.
I'll have to think of a location which Google will recognise - The Northern Forest isn't the real name, but it's a pretty accurate description!
What I tried before - zooming down to street level, putting the mannikin on the street and left clicking got me Google Streetview (of my windows!)