This is an apples and oranges argument. Blocking bets are useful at low and mid-limits with bad players who you are going to extract more value out of because they make weak calls. They are incredibly useful at these limits, especially in the Omaha games where draw combinations are scary but also lend to doubt about the nature of the villain's draw. In low to mid-limit cash games, I use these all the time. They are technically value bets, but have a bluffing quality to them. They are also useful in large-field tourneys where the majority of players are weak post-flop players.

Blocking bets are less useful at high limits, where players will pick apart the bet and blast you out of the hand, whether bluffing or not. Waco is right in this sense, because if you are uncertain of your hand there, you will likely be found out.
Given these facts, $10 MTTers arguing against Waco is 100% useless. They are talking about two different things because they play different game dynamics.

Still, an excellent thread.