GregLocock,
All other things being equal, a heavier rod would increase the inertia of the reciprocating components that must be accelerated and decelerated twice per rev. This increases friction losses at the rotating joints due to the higher inertia forces, which in turn hurts efficiency. So I would disagree with the author's basic premise.
However, there are some instances where additional rod mass may be beneficial. For example, in large slow speed, high pressure, two-stroke diesel engines the additional rod mass (as well as piston mass) can help to counter the wrist pin and rod bearing loads due to high combustion pressures around TDC. Strategically placed material around the rod structure that supports the bearing shells is also a good use of metal, since a rigid support of the journal bearing is critical for good bearing fatigue life.
As for rod mass being an effective method for increased crank polar inertia, you are correct that a flywheel mod would be better. In general, only about half (the big end) of the rod assembly is considered as rotating mass.
Of course, considering the cost of a set of Ti rods, the benefits may not be worth the cost for most racers.
Regards,
Terry