The tacking in the olden days worked...for most people. It has since been retooled to what it is now, after months of testing in San Francisco. With that said, I am surprised that the Tracking is still broken.
Tracking now shows near-by Pokestops and the Pokemon that is near them. When you click the Pokemon you want, it tells you which Pokestop that the Pokemon is at. This feature works great and is extremely helpful in tracking Pokemon now.
What doesn't work about this:
1. It will show Pokemon up to a mile away from your position who will have fled by the time you walk to their position.
2. It shows all same species Pokemon Near-by. I am not really sure why Nianitc when back to this style when players complained so much about it already. When the Tracker showed ONE Rattata to represent all four that where Near-by is a much better way of organizing them. No need to show each one.
3. It is more likely to show Pokemon a mile away than all ones that are in 50 feet of your location. A little story to make my point. I was tracking a Magikarp with the tracker. It took me 700 feet from my current location to find it at a near-by Pokestop. Only 7 of the 9 positions where filled with near-by Pokemon. A mix of Pedgey's, Rattata's, Spearrows, and Venonats. I walked another 10 feet from where I caught the Magikarp, and a Snorlax spawned in front of me. A rare and highly desirable Pokemon, within feet of my original position, and it was no where to be found on my Tracker that still had spots open. This alone tells me that the tracker is still broken.
I have seen the Tracker sometimes show both Near-by and Sightings, however the Sightings doesn't show up as often as I believe it should. I know for a fact that there are Pokemon all over the Parking lot at my work, but with this new Tracker, none of them show up. None.
For people who are in more rural areas, where Pokestops are far in between (unlike a heavily populated area like San Francisco) I cannot see this new tracker to work for them at all.