I can't believe this debate has gotten this complex and turned into name calling. In my understanding, booger's original hypothesis was basically that there is a somewhat linear correlation between number of walks and the pitcher's effectiveness measured by ERA - correct me if I misunderstood.
Lacking the time to do the grand-scale number crunching to verify it, I would guess that this is more or less true. On average, pitchers with 3BB/9 will have better ERAs than guys with 4BB/9 and guys with 2BB/9 will have better ERAs still. Anyone disagree? Probably not many will.
What intelligent and well-meaning people CAN disagree on is WHY that is the case. Do fewer walks MAKE a pitcher more effective, or is a low walk rate simply a result of a pitcher who's already good? Which is the chicken and which is the egg? Is a pitcher walking someone because he's really trying to pitch around him, or is it because his control is off? How can anyone really know? Is the reasoning the same for each pitcher in each circumstance? What statistic can we reference to verify our view? And to someone who's good at numbers (as many of you here are), you can make them say just about anything you want them to based upon how they are presented. In fact, studies show that 2/3 of all statistics are made up on the spot.
At some point, we just have to smile, shake hands, and realize that rational people can disagree. It's okay.