In discussions about software metrics, I'm always trying to make the point that you can only use most metrics from within a team to gain insights, not as an external measure about how good/bad the code (or the team) is. In other words, if a team thinks they have a problem, they can use metrics to gain insights and explore possible solutions. But as soon as someone says "[foo metric] needs to be at least [value]", you have already lost - the cheating and gaming begins. Even if the agreement on [value] comes from within the team.
Back to the topic :) I am not surprised by the findings - Higher test coverage does not mean that everything is fine. But very low test coverage indicates that there might be hidden problems here or there. This is how I like to use test coverage and how I try to teach it.
But it is great that we have now empirical data here: From now on, I can point others to this study when we are discussing whether the build server should reject commits with less than [value] coverage.