Despite some substantial limitations in the simulation of low-frequency scheduled services, frequency-based (FB) assignment models are by far the most widely used in practice. They are less expensive to build and less demanding from the computational viewpoint with respect to schedule-based (SB) models, as they require neither explicit simulation of the timetable (on the supply side), nor segmentation of OD matrices by desired departure/arrival time (on the demand side).The objective of this paper is to assess to what extent the lack of modeling capabilities of FB models is acceptable, and, on the other hand, the cases in which such approximations are substantial and more detailed SB models are needed. This is a first attempt to shed light ...