Yes, the Betterment advert aspect bothers me, but I thought this was the most egregious part of the article:
"Twenty years ago, when the rule appeared, the yield on a three-month Treasury bill was 6 percent."
What the Treasury yield was when "the rule appeared" (as if out of a poof of smoke) is irrelevant. The Rule looked at 30-year periods (all of them) to determine that a 4% withdrawal rate would survive pretty much every one in history, for a 30-year retirement period. Now, one can argue regarding the direction of T-Bill rates in the future, but this assumption that "this time is different" has been proven to be wrong so many times, that I don't put much stock in it. True, as many have noted, and most notablly Wade Pfau himself recently, flexibility in using the 4% Rule is a good strategy, but to say that the 4% rule is "broken" based essentially on just the most recent 6 or so years is lazy if you ask me:
http://www.multpl.com/interest-rate/QE is coming to an end, sooner or later, and it's not a stretch to assume that interest rates will return to more "normal levels," so the death knell of the 4% Rule seems a bit premature to me.