I just returned from a trip to PVG using the '00:01' TWOV rules.
KA didn't enter the arrival information properly so I was ushered to the central desk to fill out a second form with my contact details.
On departure, the main desk was called over to approve my exit as I was 'over' the 72 hours (measured from time of arrival to time of departure) but was within the 72 hours measured from 00:01.
This took an extra 30 seconds or so while someone came over to have a look and approve.