It would be interesting to have some kind of graphic that shows how many authors fall off this ladder at each stage, followed by one that shows the spectrum of advances and the range of incomes from books that are finally published. The article is absolutely truthful, but in many ways totally misleading at the same time. As I understand it most agents only take on a very small fraction of the submissions that they get and a similar attrition continues up the ladder.
If, on the other hand the person reading this is an established celebrity with a media presence, then they should get by just fine.
There is an alternative — self publish via Amazon or Smashwords; work like a maniac on the Internet to sell books and there is a good chance that a mainstream publisher will see what you are doing and make you an offer in order that they can grab some part of the gravy train tht you have spent years making.
That may sound cynical, but I think you need to aquire a thick skin if you want to stay in this business.