That is a very good article.
One item that he did not really address is the misleading use of factors that ignore DCF in the construction of indices. The S&P Value Index uses three factors, Price to Earning, Price to Book and Price to Sales. Price to Earnings may be of some use, but can be quite misleading, as the article explains. But Price to Book and Price to Sales contribute nothing to the assessment of value. EV to EBITDA is a useful first step as it does eliminate the influence of leverage. Forward EV to EBITDA is quite useful as it is a major component of a well constructed DCF model.
Despite how totally misleading value indices are, they are still widely used compare the performance of value based investing and growth based investing. Value investing is about intrinsic value and DCF models seek to assess intrinsic value.