@wildkarrde21 You are correct in that a battery calibration can allow for the more accurate calculation of battery life. I'm not an expert on battery technology but let me try to share with you what I know about battery calibration.
First, if battery calibrations were taking place the battery would never read 100% charge after it became worn. The whole point of a battery calibration is so the battery doesn't report the incorrect value of 100% after a full charge when it has a reduced capacity due to wear.
Second, a battery calibration is something that has to be triggered by the user, it's not something the phone will just detect and automatically start doing. Usually, as in the case of laptop computers, whenever you trigger a battery calibration it's an operation that takes full control of the laptop and is typically knowingly and actively triggered by an option in the BIOS or a separate utility. The laptop cannot be used during this process and the process can last a few hours. During the battery calibration process the laptop will completely charge and then completely discharge the battery, measuring the amount of time that it takes for either the complete charge or discharge. The thought behind this is that a battery that is worn will take less time to completely charge/discharge than if the battery were brand new (I'm not sure how charge/discharge times relate to amounts of available charge so I'm not going to even try to lie and say that a 50% worn battery charges/discharges in half the time). At this point the battery circuitry would now know the battery condition and can then use that as a baseline for battery life estimations. For example, after a battery calibration, a battery that is 50% worn would only report as 50% when fully charged, not the confusing amount of 100%.
Here's an example of what battery calibration is supposed to combat that you are all too familiar with:
Some of you may have purchased your phone on a two year contract and will probably have it next year this time. Let's assume that you take moderately good care of your battery and wear it down by ~10%. What this means is that when you fully charge the battery it will only contain 90% of the charge that it could hold when it was brand new. Say this day next year you fully drain the battery and then charge it completely, what do you think the battery charge will read? You'd be absolutely correct in saying 100%. In fact, this measurement is correct! The battery technically IS at 100% charge! Is the reading any less accurate? No. Could you improve this reading? No. Again, the battery IS at 100% capacity, it's just that the battery is worn and is only capable of holding 90% of the charge it could when new. Would a reading of 90% be more meaningful? Absolutely. A battery calibration would provide the circuitry in the battery with the means necessary to arrive at the actual 90% reading.