John- That is exactly the type of panel I am referring to and usually it will specify to connect the afore mentioned terminal on the terminal strip to a grounding electrode. Ask any electrician or inspector and they will tell you that the nearest water pipe is not necessarily a qualifying electrode. There was a time about 10-12 years ago when we could rely on the water piping in a home for a ground and we used to just go to the nearest pipe when we wanted to ground something. Times change, code change and now we can't just go to the nearest water pipe.
Another thing that has happened is we still have old school technicians who insist that grounding their panels invite surges and damage their boards. The manufacturers of the equipment specify that they ground to a grounding electrode.
