This sounded interesting, so I had to check it out... Here are the match results along with England's chance of victory implied by the rankings at the time, factoring in home advantage:
(venue is in bold when home advantage means the lower ranked team is favoured. Score is in bold when the winning margin is high enough (15+) to qualify for the 1.5x weighting on Rankings Points won)
England
lost 6 13 v Wales Millennium Stadium
17 Aug 2019 - The rankings said: England behind 1.55 RP + 3 HA -> 27% chance
England won 33 19 v Wales Twickenham
11 Aug 2019 - England behind 3.69 RP - 3 HA ->
47% chance [wrong by 3pp]
England
lost 13 21 v Wales
Millennium Stadium 23 Feb 2019 - England behind
3 HA - 0.47 RP -> 37% chance
England won 12 6 v Wales Twickenham
10 Feb 2018 - England ahead 7.44 RP + 3 HA -> 100% chance
England won 21 16 v Wales Millennium Stadium
11 Feb 2017 - England ahead 7.47 RP - 3 HA -> 72% chance
England won 27 13 v Wales Twickenham
29 May 2016 - England ahead 0.88 RP + 3 HA -> 69% chance
England won 25 21 v Wales
Twickenham 12 Mar 2016 - England ahead
3 HA - 1.80 RP -> 56% chance
England
lost 25 28 v Wales Twickenham
26 Sep 2015- England ahead 0.41 RP + 3 HA ->
67% chance [wrong by 17pp]
England won 21 16 v Wales Millennium Stadium
6 Feb 2015 - England ahead 3.21 RP - 3 HA -> 51% chance
England won 29 18 v Wales Twickenham
9 Mar 2014 - England ahead 4.86 RP + 3 HA -> 89% chance
England
lost 3 30 v Wales Millennium Stadium
16 Mar 2013 - England ahead 3.52 RP - 3 HA ->
53% chance [wrong by 3pp]
England
lost 12 19 v Wales Twickenham
25 Feb 2012 - England ahead 0.88 RP + 3 HA ->
69% chance [wrong by 19pp]
England
lost 9 19 v Wales
Millennium Stadium 13 Aug 2011 - England behind
3 HA - 1.66 RP -> 43% chance
England won 23 19 v Wales Twickenham
6 Aug 2011 - England ahead 2.93 RP + 3 HA -> 80% chance
England won 26 19 v Wales Millennium Stadium
4 Feb 2011 - England ahead 5.44RP - 3 HA -> 62% chance
England won 30 17 v Wales Twickenham
6 Feb 2010 - England ahead 0.83 RP + 3 HA -> 69% chance
Of the last 16 games, if you had flipped a coin you would be right 8/16 times,
if you had bet on England every time you would be right 10/16 times,
if you had bet on the home team every time, you would be right 10/16 times,
if you had bet on the WRR favoured team, you would be right 12/16 times, (including 4/6 where Wales won).
More importantly, the calibration:
- England had an 80-100% implied chance 3 times. You would expect them to win ~90% (i.e. 2.7) of them, they won 3.
- They had a 60-79% implied chance 6 times. You would expect them to win ~70% (i.e. 4.2) of them, they won 4.
- They had a 40-59% implied chance 5 times. You would expect them to win ~50% (i.e. 2.5) of them, they won 3.
- They had a 20-39% implied chance twice. You would expect them to win ~30% (i.e. 0.6) of them, they won 0.
The rankings did a pretty damn good job for those 16 games if you ask me.
Just for curiosity, I went all the way back to the introduction of the WR Rankings:
England
lost 15 23 v Wales Millennium Stadium
14 Feb 2009 - England behind 0.93 RP + 3 HA -> 31% chance
England
lost 19 26 v Wales Twickenham
2 Feb 2008 - England ahead 11.40 RP + 3 HA ->
100% chance [big stuff up this one!] <<<<<<<<
England won
62 5 v Wales Twickenham
4 Aug 2007 - England ahead 2.73 RP + 3 HA -> 79% chance
England
lost 18 27 v Wales Millennium Stadium
17 Mar 2007 - England ahead 3.44 RP - 3 HA ->
52% chance [wrong by 2pp]
England won
47 13 v Wales Twickenham
4 Feb 2006 - England ahead 0.73 RP + 3 HA -> 69% chance
England
lost 9 11 v Wales Millennium Stadium
5 Feb 2005 - England ahead 9.68 RP - 3 HA ->
83% chance [wrong by 33pp]
England won 31 21 v Wales Twickenham
20 Mar 2004 - England ahead 15.78 RP + 3 HA -> 100% chance
England won 28 17 v Wales Brisbane
9 Nov 2003 - England ahead 13.32 RP + 0 HA -> 100% chance
Of all 24 games, if you had flipped a coin you would be right 12/24 times,
if you had bet on England every time you would be right 14/24 times,
if you had bet on the home team every game, you would be right 16/23 times,
if you had bet on the WRR favoured team, you would be right 17/24 times.
More importantly, the calibration:
- England had an 80-100% implied chance 7 times. You would expect them to win ~90% (i.e. 6.3) of them, they won 5.
- They had a 60-79% implied chance 8 times. You would expect them to win ~70% (i.e. 5.6) of them, they won 6.
- They had a 40-59% implied chance 6 times. You would expect them to win ~50% (i.e. 3.0) of them, they won 3.
- They had a 20-39% implied chance 3 times. You would expect them to win ~30% (i.e. 0.9) of them, they won 0.
The only time the rankings look less than perfect, is in that 2008 game. So... what happened on 2 Feb 2008?