I agree with Herman that the value of the test lies not in the value but rather in how solid the lock up is and the abscence of any IP creep.
I recommend divers do some basic pre-dive checks.
1. Hook the reg up to the tank. Before you turn on the tank valve, try to inhale from the reg. You should not get any air or hear any leaks. If the reg fails this vaccuum check you probably have a leak in the exhaust valve, the diaphragm or in one of the o-rings sealing the case or through a crackin the case itself.
2. Pressurize the reg. Depress the purge slightly. If you have to depress it more than a very slight amount before airflow starts, the lever may be improperly adjusted, reducing the working range of the valve and the flow rate of the reg.
3. Breath off the reg to ensure it breathe normally and does not freeflow even slightly after the last breathe.
4. leave the reg sit in this pressurized condition for a few minutes. If the second stage begins freeflowing slightly immediately after you stop inhaling from it, it is most likely in need of adjustment or annual service due to improper second stage orifice adjustment or excessive LP seat wear.
If the primary or octo begins freeflowing slightly a few seconds to a few minutes after you last breathed off it, it indicates IP creep - most commonly caused by a leaking HP seat or damaged first stage orifice.
This check does basically part of what you can check with an IP gauge, it just takes longer and does not give you the same amount of information that the needle does on an IP gauge in terms of IP drop, initial swing/lockup - just IP creep over time.
5. If the reg passes number 4, turn the tank valve off but do not purge the reg. Note the SPG pressure and leaving it undisturbed come back in 5 or 10 minutes. The SPG pressure should be close to the original value. A drop of 200-400 psi is no big deal, but a large drop in pressure indicates something is leaking beyond the normal limits. If the leak is so fast you can see the needle drop just looking at it, the leak is probably large enough to warrant fixing before you dive.
Common areas for leaks are the o-rings on the hoses connecting stages and accessories to the first stage and the o-rings on the first stage plugs. These are normally easy to fix with a wrench and a suitable o-ring in a dive kit.
Other less common possibilities are the HP swivel in the end of the SPG hose, or a leak in one of the hoses. These two have the potential to get worse fairly quickly. Another even less common failure is a leak in one of the static or dynamic HP o-rings in the first stage, and this bodes ill for the health of the reg. These last three all have the potential to be bad news and it would be prudent to cancel the dive until the problem is fixed.
*Sherwood first stages use an air bleed system and a sslow leak in the first stage is normal, so they will never pass #5.