Yes, version 10.1, I'm using the tool because the table is the attribute table of a shapefile with x and y fields, and the GUI doesn't give you the option of using an existing layer. I can't throw the data up here, but I've tried it with four different feature classes and I get the same result, two shape fields, so it should be reproducable with any data, assuming it's not something related to my particular installation.
There are other different but probably related problems with the tool, for example from a different Excel table, I have no problem using the GUI to display XY data, but if I use the tool, I get a 000212 error, using the exact same fields and table.