2. They gathered this data by asking people "Typically, how long are you willing to wait for a single Web page to load before leaving the Web site? This is a very inaccurate measure - most people have no idea how long 4 seconds is when answering a question like this (obviously they would if they stopped and counted it out). They just pick something that sounds reasonable. A true study would have instrumented some web sites and gathered abandonment statistics for various page times.
3. The "overall performance" that caused people to say they would abandon a site included "poor error messages" and "site crashes."
I absolutely agree that sites work well and be fast. However posts like the one above will result in the "4 second rule" being carved into stone. It will get repeated around the internet and be built into business plans. All of a sudden, 4.1 seconds will become unacceptable. It's not that simple. Also, please note that this study was commissioned by Akamai, whose business is website acceleration. They have a vested interested in convincing you that you need to speed up your web site.
My sister opened a computer store in Hawaii. She sells C shells down by the seashore.