One flaw is the lack of standards on the device level: how do light switches, dimmers, thermostats, locks, etc work together? Z-Wave defines a high level protocol for this and has a certification programme to ensure that devices work nicely together, but even so, interoperability is still hit and miss, especially for anything that goes beyond basic on/off stuff. ZigBee is starting to address this shortcoming, with the LightLink standard for instance, but there's still a long way to go.
One thing I am extremely suspicious about is the remark about the need for a central hub being a weakness. For one, you need a hub in order to add any sort of intelligence to your home automation setup. Without a hub you are not building a smart home, you're just doing remote control. Then, they mention the fact that existing technologies such as Zigbee and Z-wave are not easily married to the Internet. Well, with a hub you do not really need them to; for remote access, you tunnel into the hub or you use a gateway service that you can more or less trust.
Having/needing a hub is not a weakness, it ensures that you retain control over your local network. My fear is that for Thread there somehow will not be a local hub; it'll be in the Cloud, and subject to being raped for data 6 ways from Sunday.