Wow, really excellent summary, Mark, with many excellent links. Thanks for putting the work into this.
It's certainly going to be important for investors and investment managers to devote some time to understanding the range of empirical research results on factor returns. Investors who fail to pay attention will leave money on the table (or more specifically in the hands of underserving high-fee managers), while managers who fail to adapt will simply go out of business. (I'm talking about you, hedge fund managers and private equity managers!)