PM Schedule Option

Does anyone use the "Always generate work orders based on the PM schedule" option when building their PMs?

If so, were you ever under the assumption that the regardless of when a PM is generated, the next work order will always be based on the Basis Date field and not the last PM created date?

Example: A quarterly PM schedule is built with a basis date of January. The first WO does not get generated until May, for whatever reason (1-month late). From now on, the PM schedules will be generated based on May's schedule rather than the original Jan-Apr-Jul-Oct frequency.