Speaking as a gen-y-er, I completely agree with this sentiment. From my experience working in offices, there are always two conflicting thoughts I consider when speaking up, however:
1. The established politics of the office and who you are "allowed" to speak to and what you're allowed to say, and
2. The reality of the actual task/goal you are trying to accomplish.
Even if your ideas are good and beneficial to the work at hand, sometimes #1 is more important than #2. If this is true then I will quit as soon as I am able.
It's generally true that I consider my elders peers, not authority figures, as the article states. This does not mean I don't have a lot to learn from them! In fact, I want to learn, teach me, guide me!
However, like anyone and everyone you run into in life, an elder in the workplace has to earn my trust and respect, they need to prove to me that they are worth learning from. Just because you are older than me does not mean your ideas are worth listening to. Sometimes having a higher rank does correlate to being someone worth listening to. Just as often I have found this to be not true.