How does a short sale effect Credit - short sale vs foreclosure

There seems to be a growing consensus among the Mortgage lenders and loan brokers that a short sale is just as damaging as a foreclosure to a persons credit. FICO reports a short sale will drop your credit score just as much as a foreclosure. Does that mean everyone who said short sales preserve you credit are wrong? (I am thinking back to those billboards and direct mail pieces I have seen where the lead was SAVE YOUR CREDIT.) I think it depends on the context. There may still be some benefits to a short sale: 1. Fannie Mae and Freddie Mac may be willing to back you loan more quickly. Within 2-4 years. Depending the circumstances. 2. Investment bankers have told me that can get peoples credit history going back 20 years. They say that having a short sale or a Deed in Lieu on your record looks far more responsible than having a foreclosure on your record. My take way from this is that in some circumstances your credit history may be more important than your computer score. 3. Some industries frown upon foreclosures. If your job involves security (as in miltary or homeland) or securities (as in wall street) you probably do not want a foreclosure on your record. sorry about the format I will reformat later.