No-one can guarantee how well NTP will work on your network, because no-one knows how well connected your network is to the internet, and to the clock servers thereon. However, according to the clock discipline algorithm page on ntp.org
If left running continuously, an NTP client on a fast LAN in a home or
office environment can maintain synchronization nominally within one
millisecond. When the ambient temperature variations are less than a
degree Celsius, the clock oscillator frequency is disciplined to
within one part per million (PPM), even when the clock oscillator
native frequency offset is 100 PPM or more.
Note that large-but-stable latency between your LAN and the internet's clock servers doesn't have as bad an effect on accuracy as highly-variable latency.
You don't say where you got the estimates above ('50 microseconds to ... "below one second"'), so I can't comment on them, but in my experience 50us is unlikely unless you have a directly-attached clock source, and 1s is unlikely unless you have a piece of wet string connecting you to the internet and you're using upstream servers in Antarctica.
I run an NTP pool server, and I generally find that its offset from upstream is less than 10ms; you can see the graphs on my munin page, if you want (this is for the ipv4 upstream servers; the munin plugin doesn't seem to want to work for the ipv6 servers).
Edit: the text you now quote in your question gives a pointer to a paper which, in 1999, did indeed establish that 99% of ntp servers are synch'ed to within one second. Fortunately, there is more recent work; in this paper some authors from the Federal University of Parana, Brazil,
repeated the experiment in 2005, and found (if I understand their Fig. 1 correctly) that north of 99% - more like 99.5% - of servers now have offsets less than 100ms, and that 90% have offsets less than 10ms. This fits in pretty well with my experiences (see above).
Edit 2: one last wrinkle: all these studies don't investigate how accurate local clock is, but instead how far it differs from the upstream reference clock. These are patently not the same thing. But the first is unknowable; to know how wrong your clock is, you have to know exactly what time it is, and if you knew that, why would you have set your clock wrong in the first place? Just be aware that what these studies are measuring is not the difference between local clock and absolute time, but between local clock and reference clock.