Yep, and then there's "Adjusted +/-." This is similar, except it tries to account for good teammates.
For example, let's say Ray is injured, so Tony Allen starts. All 5 starters play 48 minutes and win by 15. Therefore, Rondo, Tony, Paul, KG, and Perk all have a +/- of 15. But then Ray is healthy, so they go out and win the next 10 games by 20. So then Ray, Paul, Rondo, KG, and Perk would have a +/- per 48 minutes of about 20. Ray's "adjusted" +/- is +5 (his 20 minus his replacement's (Tony's) 15+/-). Tony's +/- per 48 minutes is still 15, but his adjusted +/- is -5, because the team is 15 points better than opponents with Tony on the floor but is 5 points worse than usual when he's on the floor.
That's obviously simplified, but that's my basic understanding. To calculate it for the season, they just tabulate the team's +/- when player x isn't on the court and tabulate it when player x is on the court for the whole season, divide by 48 minutes, and get an adjusted +/- per 48 minutes.
Anyway, that's why +/- is not useful in small samples. From my understanding you need a few seasons of data and for players to switch teams to get an accurate +/- rating. Otherwise, it just tells you who is better than whom on a given team; i.e. it could tell you that the celtics last year were best last year with KG at pf, second best with davis, and third with Scal. So you could assume that KG has the most positive impact on winning, Davis second, and scal third, so then you might conclude that KG is better than Davis is better than scal. But it doesn't tell you much about players from different teams. After all, KG is pretty darn good, so he's going to make his replacement look worse than if you are backing up, say, Verajao in Cleveland. That's why it takesa few years and some switching of teams to really figure out some useful data.