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Amex prequal has not been accurate in my case. Last year, when my EX was much lower (like under 600 low), it showed I was preapproved for a couple different cards. Apped and was instantly denied. My EX reached 673 a few weeks ago, so decided to check their prequal. I was not preapproved for anything. Cold apped the BCE and was instantly approved.
I was preapproved for the Every Day card and was approved when applied a moment later. I didn't wait. Since then I have obtained a few AMEX cards, but each was due to a site promotion saying I was preapproved. My experience has been good. I think you have to act on it as qualifying can change in a moment. Even promotions can change.
YMMV
I do recall apping for two revolvers and two charge cards in the same day and got approve for all 4, and cost me one HP. Every card that i look into it states that i am preapproved. I was declined once due to being with the 90 days! Just recently received the Plat w/ the offer for POT!