What a load of crap!
Money is never wasted on good quality lenses, don't get me wrong I regularly bump the ISO beyond 3200 when I'm shooting weddings but there is a limit. Without my f1.4 I wouldn't be able to do some of the work I do.
When you take your photography seriously you know the lens is where it's all happening, it's always going to be the limiting factor, you can't get a great picture from a crappy lens by simply bumping the ISO. The same picture shot with a better lens would always be better. Fact.
Cheers
Cris