jon_5912,
I'll let Tom comment with regard to your post.
Personally, I think there's a market for both: time-phase coherent and non-time-phase coherent. There are plus and minus in either approach.
Tom seems to think time-phase coherent is the only way to go. The new Thiel management seems to think otherwise. I was not there, but it seems like the lack of a reconciliation of the two polar opposite idea was what had done them in. If there was a middle of the road, maybe Thiel would still be around.