Good article.
My view was a little more simple. The Fama French model was just nonsense. Book value is not just irrelevant because of intangibles although that is one reason. Cliff Asness is correct on size.
Investing in profitable companies AT THE RIGHT PRICE is consistently the best strategy. People who invested in some top quality companies in 1999 are just breaking even in the last few months because they paid too much. Micron Technology is an example.
Perhaps the most misleading nonsense that appears often is the notion that the various value indices measure value. The S&P Value Index uses price to book, price to sales and price to earnings. Price to earnings has some limited merit and the other two have no merit at all.