Not sure where I'm going with this, I guess I just like to play devil's advocate a bit:-)
It's a good essay, but perhaps what I don't care for in general terms is the vagueness that surrounds the whole issue. Some people are smart because they push on in the face of great opposition. Others win plaudits for "knowing when to quit" and changing direction. It's all a bit wishy washy, although I think that PG's elements for success are, in a generic way, about right. Just that that vagueness sort of precludes one from applying them to specific situations until after the fact.