I'm sure terrorists will never ever ever figure out how to use Firebug or the built-in Firefox Inspector to edit page text before printing their boarding pass. This hack was featured somewhere, but I lost the link.
I've gone through PreCheck at ATL. Nothing on my BP said PreCheck. Part of the qualifications that the article didn't mention is that certain high level elites are eligible, so it might be whatever designator determines that status.
The TSA agent scanned the BP, there was a beep sequence similar to when you have exit row and they directed me to the other line.