In San Francisco it is all over the board. We still can underprice and drive multiple offers so some agents use that strategy.
I did an analyis once to see how often we, as experts on valuing homes, priced the property correctly. I found that we price it at what is sells for only 16% of the time. The other intersting factor was that we priced it over and under the selling pirce pretty evenly; 38% under selling and 46% over the selling price.
I'd hoped for a different result.