So, yeah, the Konami Code doesn't work in all the games that people claim it will, but the list isn't all wrong.
Take the Trogdor game on the Homestarrunner.com website, for example. When you see the screen that says 'click anywhere to start' and, instead of clicking, you put in the Code (substituting 'Enter' for 'Start', of course), and then click anywhere to start, you get this.
And that makes it nearly impossible to lose.