UK Mustache - I am similar with a mix of Vanguard Lifestrategy 80, then some UK and European equity trackers. Through my work I also have a large single stock exposure to the US, whether I like it or not. Overall equities are around 50% of my stash.
PhilB - I think is a slightly strong statement to call it a 'big mistake'. As I am sure you don't, I don't think every equity is either zero dividend, high growth and reinvesting everything, nor is every stock yielding +5% a dying company, dividend stripping its way to oblivion.
I don't think there is anything wrong with companies with well supported dividend payouts who choose to pay-out to shareholders rather than potentially 'force' reinvestment if this is not needed, nor is there anything wrong with companies which have great reinvestment opportunities so do that rather than pay me dividends. There can be good and bad companies doing either and plenty of history of both.
As cerat0n1a points out there are blue-chip companies with high dividend yields that are above the 'magic' 4%. My point was more that if you are genuinely happy living on 4% of your stash annually, and don't have a secret desire to get richer, I believe it is a lower risk/stress strategy to buy those companies and live off dividend income. The dividend yield of the FTSE 100 is expected to go up this year so it is not like these companies are not growing as well, just perhaps not at the same rate. I agree with your point not to become dividend obsessed, but buying the 700 companies in the UK and Europe (FTSE/STOXX 600) is hardly saying that, and you get around 4% on that mix.
I also like that I am not forcing any decisions when times are tough (partly why I have property as well). Yes dividends can go down, but generally far less than price (as is true of rent). Take a look at the thousands of pages of debate about what you should do in an equity downturn on this forum. People tie themselves in knots about whether to hold two years in cash to ride it out (definitely not theoretically supported) or feel the pain of selling shares when they are down 25% (theoretically supported but hard to do) and various other schemes.
Me - I get 7.5% from my property, I get 4% from my equities and I touch nothing. I will most likely not die the richest, but I am solving for the risk of running out of money (or more likely the stress of feeling like I might) first and I do believe this strategy reduces that risk (and definitely the stress).
Just a viewpoint.