The Dynamic Report -> Unsubscribe report available in campaign does NOT show the true unsubscribes. The report label says 'Unsubscribed' but the number under it only reflects when someone click on the opt out link of Email. If someone clicks on the Opt out link and later changes it mind and doesn't click on the button to confirm the Unsubscriptions, still the report counts them as unsubscribed. This is misleading.
As the tracking tracks URLs that were clicked, this is accurate. There is no way for Campaign to know at the dynamic reporting level that a user decided to not proceed with the un-subscription/opt-out in the case of a multi-step opt-out. I don't know if any consultants in these forums have a way to account for this but it might make sense if the unsubscriptions are going through an ACS landing page, to create or use one of the subscription based reports to track the actual unsubscribes.