Yeah. My HP toner cartridge has been "empty" for about a year and is still printing fine! It has done more pages since it was empty than before it was empty.
We have about five HP 4200 printers in our office and I use genuine 38X toners which I think are rated at 12,000 pages.
When we get a Toner Low message it'll then do about 500 pages before it reports Toner Out, after that print will rapidly fade. We can probably scrape 1-200 pages on Toner Out, but it's not good enough quality to send out.
Basically their Low and Out warnings seem pretty accurate in my experience.