Please read this post by Tim Stock, my friend and a brilliant mind. Then join in the discussion.
As usual, you have found the perfect insight to poke a hole in the latest cacophany that masquerades as "prevailing wisdom." Everyone is smarter than everyone else, yet few people seem to be able to approach the substance of people like Ogilvy.
I particularly like your discussion of Phyllis Sweed, the editor. During the many years I spent at Reader's Digest (fact checker, editor, interactive guy), I discovered that one of the best "inventions" (so to speak) in the world of American business is a good editor. A good editor knows his or her audience, but REALLY KNOWS them. What they want, what they don't want. They know the audience through connections, through taling to them, but also through the incohate processes of non-conscious thought and gut-feel. Malcom Gladwell wrote about gut-feel in "Blink" and Guy Claxton wrote about non-conscious thought in "Hare Brain: Tortoise Mind." Those editors can capture ideas, movements, in moments and make judgements that create great stories (and avoid wasting time on others). Save your market research budgets, and get your self a smart editor.