While all your points are valid, the most critical difference between then and now is that Steve didn't have a 406 MHz EPIRB and that significantly changes the entire survival equation. While one doesn't want to depend solely on an electronic based means of survival, battery operated devices can still fail, the fact is that they have proven to be remarkably reliable and effective. Today, particularly with EPIRBs and PLBs, such an event should be an extraordinary exception to the rule for a reasonably prepared sailor.