Near as I can tell, Thompson's model is the following: there are lots of abilities, and any test uses many (232+) of them at random. Individuals have a random selection of abilities.The author then declares that any individual ability is not g, since no specific ability describes performance very well. All very true.
But there is a single, explanatory variable in this model: g = # of abilities an individual has [1]! Moreover, Thompson's model makes a specific prediction about g - it should be normally distributed. So overall, I agree with the author's scientific argument: g is very likely to be decomposable into subfactors.
But I don't agree with his claim that g is a "statistical myth". Let me give an argument illustrating the fallacy he is making. Suppose I want to explain the thermodynamic law PV=nT. I can build a moderately more complicated statistical model [2] involving only 10^23 newtonian particles, with normally distributed velocities, and completely reproduce all the predictions of the thermodynamics. But not a single one of those particle positions explains pressure or temperature! Thus, thermodynamics is just a statistical myth.
Thermodynamics and g are simplified models of the world, based on the fact that the macroscale is dependent primarily on the sum of a large number of microscale variables [1]. They both have decent, though imperfect, predictive power. There is almost certainly a more complicated underlying theory, which will reproduce thermo/g as theorems about statistical aggregates. (For example, g may eventually be explained as the interaction of neurons.) Does this make them "statistical myths"? Of course not. Just macroscale models which have an underlying microscale explanation.
[1] Or perhaps a weighted average based on how frequently abilities are used in tests.
[2] http://en.wikipedia.org/wiki/Statistical_mechanics
[3] For example, pressure is the the average force imparted by particles colliding with the side of a vessel divided by the area on which the collisions occur.