That means that randomness has power, it spares you the cost of thinking.
I'd agree with that part.
It also offers a safeguard against errors in your thinking. If your thinking is wrong you might choose an algorithm that is bad given the evironment. Compare that to the probability of the random algo being matched by the environment.
One of the most interesting debates on Less Wrong that seems like it should be definitively resolvable is the one between Eliezer Yudkowsky, Scott Aaronson, and others on The Weighted Majority Algorithm. I'll reprint the debate here in case anyone wants to comment further on it.
In that post, Eliezer argues that "noise hath no power" (read the post for details). Scott disagreed. He replied:
Eliezer replied:
Scott replied:
And later added:
Eliezer replied:
Scott replied:
And that's where the debate drops off, at least between Eliezer and Scott, at least on that thread.