I started using Testmy.net in 2005 I think it was (though my dad was using it some time before then) and it's had it's ups and downs. Not going to say it's perfect, but I do prefer it over Ookla tests, simply because I hate Flash. (Java as well but that's not to do with Ookla or Testmy.net.)
This site also indicates issues you may not immediately suspect. Your OS can have a significant impact on your speed. I was pulling ~30-35Mbps down and ~7-8Mbps up when I got my new Comcast connection, whereas Ookla showed me at ~45-55Mbps down and ~10-12Mbps up. Ran the TCP Optimizer and all of a sudden my Testmy.net speeds were ~40-50Mbps down and ~9-11Mbps up. Because it uses a raw TCP connection it demonstrates the entire structure (all 7 OSI layers, or 4 TCP/IP layers) of your browsers typical internet connection speed. Ookla simulates a perfect world where you have a perfect connection and no browser/configuration/OS bugs.
Ookla is very capable at showing your theorhetical maximum, however Testmy.net is going to show you your typical expected throughput, which in my opinion is much more important.
Thanks,
EBrown