One possible reason for incorrect bounces is that your server is listed as a source of spam and is blocked from sending to certain users. A serious block on AOL, for example (due to your host not correctly 'whitelisting' your server), can cause a huge amount of incorrect bounces. (
More info here) I highly recommend using bounce.cgi and enabling "Notify when a user is removed for bouncing" for your lists. When you receive the notification, read it and scroll down - you should see a copy of the bounce from the receiving server and, most importantly, be able to read the exact reason the server bounced the message (ie: spamblock, user does not exist, etc)
Regards, DW