There's no flaw in F-M Curve! Low-cost audio equipment often list an A-weighted noise spec -- not because it correlates well with our hearing -- but because it helps "hide" nasty low-frequency hum components that make for bad noise specs. Sometimes A-weighting can "improve" a noise spec by 10 dB. Words to the wise: always wonder what a manufacturer is hiding when they use A-weighting.
Firstly, I was being rhetoric. I apologize if it seems misleading.
Secondly, my critical understanding, as far as the recent field researches are concerned, infers that it really has a flaw. The FM curve relates to the subjective loudness of pure tones only. Sure, maybe the study was somehow revised upon the introduction of the Robinson-Dadson curve. But even this focused mainly on studying pure tones separately. The problem is do speakers react the same way as these two studies have concluded in a practical environment, where pure tones are out of context? How much change does our hearing perception undergo upon the existence of harmonic distortion at different levels? I think that is the flaw - the context in which this particular theory is applied.
Why it is still considered to be the standard (in the US especially) when concerned authorities have already acknowledged the FM and RD limitations is still a puzzle to me. Besides, BBC (UK) suggests a better study - the ITU-R 468 noise weighting, that is.
Some more insights here
http://www.lindos.co.uk/cgi-bin/FlexiData.cgi?SOURCE=Articles&VIEW=full&id=2