The code sounds quite convincing on paper and may even produce real results in a computer, but I think there is one crucial flaw which I thought of only after I had accepted the validity of the code, which then caused me to doubt it: It is based on ELS (Equidistant Letter Spacing) by placing each letter of the Hebrew text in a matrix of specified length (a certain number of columns) and then it sort of looks like a crossword puzzle, in which if you found a word downwards in the first column (say there were 10 columns) then every tenth letter could be put together to form another word. But the flaw is if the Hebrew text if off by just one letter the entire letter matrix shifts and would misalign the whole matrix, thus producing erroneous results. The Dead Sea Scrolls are much better representations of the original Hebrew manuscripts than the 10th century A.D. Masoretic manuscripts that we had previously, but the DSS are not a perfect representation of the originals and even have discrepancies among their copies.
And to play Devil's Advocate when the History Channel played a special on the Bible Code they recruited a sceptic to try ELS on another text, other than the Bible, to see if it could provide seemingly prophetic readings (as the Bible code claims to do) and so he used Moby Dick and in the text he found found a prediction of Princess Diana's death.
That being said, the Hebrew text is not so corrupt that it could not happen upon a genuine reading from ELS, though I seriously doubt all their findings are correct. As for future predictions based on the supposed pattern they found of historically fulfilled predictions (such as one found on Einstien & Hitler), at the end of the History Channel program there were two predictions made for 2010 & 2012, the latter being a prediction of a massive meteor passing very close to the earth (perhaps hitting it). If we live past 2012 then I guess we'll have our proof of whether it is real or not.
If we do get annihilated in 2012 I will be very disappointed, because I've been waiting for ages to find out who killed JFK (the 50 year secrecy policy will be abrogated and the assassin's name given to the public). ;)