Saying that Carmack can't keep up with new tech is laughable. I rarely use the term for anyone or anything, but John Carmack is a genius. Pure and simple.
I agree with him that technology is moving too unnecessarily fast. I love new toys, but I feel that innovation is taking a hit in the meantime. Programmers with Carmack's level of skill not only make great engines, but they make them in a way that they use a minimal amount of hardware resources to get the job done. That's what throws him into the genius category for me (not to mention his past accomplishments for gaming). But instead of innovating code, the hardware companies are making it easy by just bumping last month's card up a notch, creating huge amounts of raw horsepower that really isn't needed.
There's still a lot that can be done with DirectX 9.0c, if designers are skilled and creative enough to innovate, and the fact that DX10 requires a new video card and OS (both expensive) for what will continue to be minimal improvement for some time dictates that he does have a point. It sounds like Quake Wars is going to be fantastic, and that he has once again made some really interesting innovations to use a minimal amount of video RAM for the most effect. When there's actually a need to move to a new API, I'm sure the man will do it. In the meantime, he's just reiterating what I've been thinking all along. Not needed right now.