clone a VDI Virtual Box image for using elsewhere

How robust is this procedure (found here)?

1. Shut down the virtual machine you would like to copy
2. In File > Virtualdiskmanager, select the virtual machine disk image you would like to copy, and press the Release button
3. In a terminal window, issue following command (see virtualbox user manual):
   vboxmanage clonevdi /directory/image1.vdi /directory/image2.vdi
4. In File > Virtualdiskmanager, add the new disk image you've created in step 3
5. In the main virtualbox window, press the New button to create a new virtual machine, and link it to the new disk image you've created.