I think it's the other way around. KO underestimates your advantage at the beginning, and overestimates your advantage late in the shoe.
Scott -- KO does underestimate your advantage early in the shoe because early on, the running count never reaches +4. Now late in the shoe, the running count is also mostly under +4, and it will overestimate your advantage. But if the running count happens to be over +4 late in the shoe, it will now underestimate your advantage.