In other words, if you mangle a short-story and push it into a different format from the one it was written in, it's harder to read. That has nothing to do with hypertext.
>She found that comprehension declined as the number of links increased—whether or not people clicked on them. After all, whenever a link appears, your brain has to at least make the choice not to click, which is itself distracting.
That's more a question of wordiness than of hypertext. Whether and where to link is a very important decision in modern composition, probably more important than word choice.
Basically, these studies are assuming that all content is created equal, and that's far from the case. I would say it's more a question of poor web design shattering focus - that said, much of the web is designed with the intent of shattering focus.