As inspirational as Steve Jobs was, he wasn't correct about everything, nor was he a brilliant engineer.
Nor did anyone (in this thread) say he was.
The quote has bounded context. And in that context, seems generally valid and applicable.
I'd say it goes beyond than building physical or virtual things. I'm talking about something that resembles compound interests, where you build knowledge or experience over previous knowledge and experience such that in some years you are way ahead of where you are now.
I'm basically saying that the high churning we have now does not give you enough time to build significant experiences that you can use later on in life, and, as such, it's the opposite of a good investment to the future. It is almost as we are only living for the present status, forgetting that on the future we will have less patience and energy to have to "re-learn" almost the same things.
"All my work will be obsolete by 2005" -Steve Jobs
If you aren't willing to accept that obselence is part of life, then you are either building something you aren't passionate about or confused about the cruelty of time.