i guess (judging by reading) i would be middle ground in this argument.
I've been on delta-visions for most of 08. and i have seen sigs that were just incredible. the work and effort put into them was amazing and the outcome was beautiful. ive seen sigs like that ranked beginner and low mod.
ive also seen sigs that when i looked at them i thought "... wtf is that????" that were rated high mod and inter. sure they had a lot of work and advanced techniques in them but they sucked in the end.
the way i see it a good sig is a sig that actually looks good. a sig that someone who has never once touched photoshop (or the gimp or any other deep image editor) can look at and say "thats just awesome".
i feel that a sig is not measured by what techniques are in it or how high quality the render is. but more in how it looks. people get so caught up in the technical aspect of sigging that everyone forgets its an ART which means that the look and meaning of a piece is more important than what brush and smudge settings you used or how much pentool work you put into it.
senthrax has some gorgeous sigs. then again some of his work is pure crap. thats true of everyone that uses photoshop. this tutorial is a quality tutorial that can help people. but like all tutorials it is never a good idea to follow it to the letter. you have to have your own ideas and styles.
while i think everyone should read this tutorial i dont think everyone should stick with everything in it. dont base your sigs on the principals in this. just because a sig is a lil monotone or doesnt have a strong flow doesnt mean its not a great sig.
like stacey's

its monotone. there is no real flow. and the txt is animated which draws all the attention. but its a great sig. it looks amazing and is incredibly well done even though it doesnt follow the standards.
ive always felt the sigging community was a tad corrupt which is why its a good idea to go to other places besides sig centered forums to do your work like aib. not everyone here who makes their own sigs are members of places like dv and therefore have fairly untainted tastes. its a good way to get a common opinion and find out just how well a sig is really done.