One thing the colonoscopy came with but the occult blood stool test didn't: a warning that there was a 1 in 1000-10,000 risk of an accidental tear in the colon leading to peritonitis, an immediate surgical emergency (and life-threatening if undetected and untreated).
So yes, the colonoscopy might pick up some rare non-bleeding cancers and polyps ... but it's also going to lead to unpleasant surgical complications in its own right.
(I have no figures for relative risk: but feel it's worth noting.)
So, for simple screening purposes I'd say good enough. If there are any other indications a full colonoscopy would be more reliable.
(Source: am at very high risk of hereditary colon cancer, had a colonoscopy when my GP learned of the family history, then screening thereafter. All clear so far ...)
Also, should have corrected my comment above... it's two year intervals, as you mentioned.
Lang may yer lum reek, neighbour.
That would seem to shift some weight to the stool test.
As I read it, this article is more about the inadequate US healthsystem than anything else, in particular because it forgets to mention that iFOBT is free and automatically sent to all between 50/55-75 in several European countries. No diet required. Return envelop included. Lab results received by postal mail after a few weeks.