Brian,
You are correct. This script is useful if your databases contain a small amount of whitespace. In my case, I was performing mailbox migrations so my whitespace amount was minimal. There is also the caveat that the script must be run locally on the Exchange server hosting the mailbox databases.
If you want to provision mailboxes based upon mailbox count in a database you can easily get the information with the following script:
Get-Mailbox -ResultSize:Unlimited | Group-Object -Property:Database | Sort-Object -Property:Count
This will give you a table of the count of mailboxes in each database. If you want just the name of the database with the least mailbox count you can use:
(Get-Mailbox -ResultSize:Unlimited | Group-Object -Property:Database | Sort-Object -Property:Count | Select-Object -Property:Name)[0]
Please be aware that this script is not as quick as finding the smallest database in terms of size.