Writing was the one major strength of Babylon-5 as well.
As for the theory of this entire mess? I think there are a minimum of three separate and massive events which have triggered the Island, Adam & Eve, the mystery of the mist, and the polar bears. I don’t think one answer can wrap up this mess...it has to be separate issues which happen by accident on the island.
I think this may be the case, but someone on the internet (not the guy who wrote this article) could figure out a way to explain everything with consistency.
I think the main weaknesses of the theory in the article is the non-explanation of the Black Rock, omission of Adam and Eve, and the handwaving with the smoke monster explanation. The only thing we know about LOST is that its theme is fate and it deals with time travel. The island has to be more important to time travel than the author states, and DHARMA cannot be the only one to harness the island's power.
There is one more that had great writing that was a JMS product. It was "Jeremiah" and it ran on Showtime for a couple of seasons. Supposedly it was based on a comic book but JMS did such a great job that showed Luke Perry could act. Who knew??