I have followed the procedure above and burnt half a dozen disks from the same image. No problem.
When making multiple copies of a disk, always test them one by one. I issued about 10 copies of a holiday film and tested them all in a standard Pioneer DVD player. People reported various difficulties but usually one of three platforms will always work (DVD player, computer - Mac or PC -, or games console). Tell people to experiment until they find something that works for them. In my case the difficulty probably arose from the fact that I made NTSC disks and most of my audience was PAL (should work on most European recent DVD players but...)
Only because it hasn't been mentioned yet, but the procedure is exactly the same no matter what kind of disk you want to duplicate (CD, DVD, etc).
However, an important point: the disk image you create will be an exact bit-for-bit copy, including the filesystem. Since a disk image can be used on your Mac like any disk can, you can open and read from the image.
However, certain filesystems will be altered if you mount the image, and that altered filesystem will not be a bit-for-bit copy anymore (checksum will fail, etc).
So, on any disk image you plan to use for duplication, do not ever mount that disk image. If you must mount it, create a copy and mount that.