Since the last few versions and especially since 5.0.23, the mysqldump command includes new and very important bug fixes.
I'd like to mention three of them that I was affected by:
Bug 16878 (fixed in 5.0.19, 5.1.8): Dump of triggers
Bug 17201 (fixed in 5.0.23, 5.1.12): mysqldump sometimes creates database twice
Bug 18462 (fixed in 5.0.23): mysqldump does not dump view structures correctly