There are two parts to the problem: one is designing a model that describes the world well, and the other is using that model to infer things about the world from data. I agree that Bayesian is the correct adjective to apply to this process, but not necessarily that modeling the world is the most interesting part.
I searched the posts but didn't find a great deal of relevant information. Has anyone taken a serious crack at it, preferably someone who would like to share their thoughts? Is the material worthwhile? Are there any dubious portions or any sections one might want to avoid reading (either due to bad ideas or for time saving reasons)? I'm considering investing a chunk of time into investigating Legg's work so any feedback would be much appreciated, and it seems likely that there might be others who would like some perspective on it as well.