Exemptions
Although Go4IT asked if the HP Endorse "counted as my BFR" I suspect - though he has not said it - that he may have been thinking it could EXEMPT him from the need for a Flight Review under:
(d) A person who has, within the period specified in paragraph (c) of this section, passed a pilot proficiency check conducted by an examiner, an approved pilot check airman, or a U.S. Armed Force, for a pilot certificate, rating, or operating privilege need not accomplish the flight review required by this section.
If one considered the HP endorsement a "proficiency check" for an "operating privilege" and confused his CFI with "an examiner or approved pilot check airman" they might conclude themselves exempt. They would not, however, be exempt because the above would be, in my opinion, a misinterpretation of paragraph (d)