It's been a while since I've read it, but I don't think he captured the benefits from agility.
"Project Mercury was done with short half-day iterations. [...] Tests were planned and written in advance of each micro-increment"
Of course, this really just betrays that I want that to happen. So... take it for what its worth.
I do hate the reinvention of the wheel too, but it's not all pointless.
Yes, hardware is progressing (though we've reached a few limits) at an amazing pace - and we've pushed technology into quite a lot of cracks and crevices in the last 40 years (at least, thats as long as I've been in the computer scene) .. but what I observe is that, every 3 - 6 years, there are cycles of entropy and creation which are a result of the endless churn of 1. Industry -> 2. Academia -> GOTO 1.
Today's Rubyist is tomorrow's Cobol'er. It goes on and on, and this is - in my opinion - a people thing. Not a hardware thing.