A whole lot of sound "truth" shared by all but let's look at this idea a bit closer;
Strong misdirection can lead to one being exceptionally sloppy in all he/she does. This is particular true when it comes to any aspect of slight-of-hand work. We must also understand just what misdirection is and isn't, sometimes it can be a pipe or glass you hold in your hand in order to obfuscate your poor palming ability (take a look at footage of Kalanag doing the Billiard Balls) Then you have those such as Goshman that used very big, exaggerated movement in order to distract your line of sight. Albert likewise used his spiel; getting people to laugh and look at one another with nods and chuckles of agreement during which he'd executed certain sneaky-bits.
Misdirection isn't an exclusive to close-up by the way; both Blackstones, Lance Burton and just about every other major act going, have used some rather gutsy modes of misdirection. My favorite has always been Blackstone's (Sr) Appearing Elephant; he'd produce a small burro to the left side of the stage and while all that action was going on, the crew just walked the elephant out to its mark. At the right point he'd point, a smoke pot would go off, lights raised and voila! You have instant pachyderm! Franz Harrary used as similar approach to make a real Piper-Cub airplane appear on stage. . . and the list goes on from there. The thing is, it's not just the misdirection that makes it all work, it's coordinating a series of other actions at the same time as part of the same goal.
Misdirection is not intended to be an exclusive method but rather one cog within a gear-work of events. By itself it allows you to do some neat things, just as knowing a move gives you a certain level of accomplishment. When you combine the two as one thing however, this is when you begin down the path of creating the miraculous -- the level of magic that is elegant and typically so beautifully executed it brings a tear to your eye. It is what separates the consummate devotee of magic from the weekend warrior that just wants to learn more and more tricks.
BTW. . . spending a year just to learn the Pass ain't noth'n. I know of guys that have been working at it for decades and still think they stink though peers and fans both believe them flawless.