For the record, here are the words from PANS-OPS Vol I Part IV,
Holding Procedures
1.2.3 All procedures depict tracks and pilot should
attempt to maintain the track by making allowance for
known wind by applying corrections both to heading and
timing during entry and while flying in the holding pattern.
1.4.2
Corrections for wind effect. Due allowance
should be made in both heading and timing to compensate
for the effects of wind to ensure the inbound track is
regained before passing the holding fix inbound. In making
these corrections full use should be made of the indications
available from the aid and estimated or known wind.
Apparently, it's OK to adjust "heading and timing" to skew the outbound track of a
hold, as we all do, but not to adjust "heading and timing" to skew the outbound track of a
course reversal, despite the same words...
(I'm very happy to leave it at that. If this thread has got people thinking about the issues, and allowed some excellent points to be made by all contributors, then it has done its job.)