Yeah I've read this book to and I don't think it's a real representation of the type of person wanting to run a life-style business. I'd guess it's mostly fantasy.
It's like every seminar and workshop about getting rich quick, write a book, run a seminar and get back to pay you for four hours a week about how to only work for four hours a week.
Now, his workout manual actually has lots of valuable data and insight and is excellent for applying the 80-20 rule as you can find workouts in there that take very little time and produce great results.
...yet it always seems to get amazing reviews. I suspect not from people who've actually used the advice to then go on to make a successful business, but rather from people who found it entertaining then put it down again. Thinks like this make me more inclined to stop reading 'advice' and just get on with it using common sense.