I think the author makes a couple flawed assumptions. First: that all people are motivated primarily by money, and second: things that have no direct monetary value have no value.

Some people value the work they do, or the work their company does. Some people value their teams and the people they work with on a daily basis. Some people value working in a nice space, or their own spaces. Some people would like to look back at 65 at what they have built, rather than what they have earned, not really caring that they may have earned 20% less.

I do agree that chasing seniority for title only can be a fools errand. A higher title can be a substitute for self-esteem issues, but on the other hand, it can also lead to higher pay scales.

Also, I've known companies to reward those "corporate idealists" with more than just carnival tickets.... If your company doesn't reward putting in the occasional extra hour and seeing things through to completion, it's a bad company to work for.