You're absolutely right. Go reread SSHE (you do own SSHE, yes?) keeping in mind that loose live games are what Ed was originally writing about.
Here's an
Ed Miller quote to think about:
[ QUOTE ]
Clearly online games have gotten tougher over the last couple of years, especially the limit games. Guys that made $100k or more playing limit in 2004 can’t come anywhere near that number now. Virtually all the guys I know who played limit online for a living have now moved to no limit games, even though they play limit better.
[/ QUOTE ]