Not explicitly stated in the article : The reason this is so fast is that you're only detecting a single frequency. If you wanted to detect a few (M, say), you'd have to keep updating M sets of Qs. While M<<N this is really efficient (and each one looks like a notch filter, or something).
But for larger M, it's better to do the FFT, since that gives you back O(N) frequencies in O(NlogN) time - because of the tricks it can do with N if it's a power of 2.