I am not convinced. Kempton asserts that the technically incorrect valve theory is exactly as usefull as the correct feedback theory, however he does not satisfactorily back up the assertion. For example,

A second issue is whether a higher setting provides faster warmup. The feedback theory denies faster warmup because the furnace runs at a constant rate. However, due to human comfort factors and characteristics of interacting systems, a person entering a cold house from outside will not feel warm when the air first reaches the correct temperature.’ Thus, greater comfort would be realized if the thermostat were set high, to raise the air temperature above normal initially, then returned to the normal setting. Again, the correct action would logically follow from the valve model, but not from the feedback model.

is a fallacious argument. It assumes that a person believing the feedback theory will be unwilling to raise the temperature when feeling cold after coming from outside. Why should it be?

Also the wrong conclusion that energy is not saved by turning the termostat down temporarily is neither implied by the feedback theory nor prevented by the valve theory ("but you will need to set the burner faster in the morning to heat everything back to 65!").