Netjoy -
One of the points of the presentation is that term "buckling load" is inaccurate. The real behavior of most steel structures is really one of axial force amplifying the existing bending moments. At some point (the point of "buckling") this amplification becomes infinite.
If you do a second order analysis, then you will account for this moment magnification in the demand side. Your connections and splices and such will be designed to more realistic forces and moments than if you relied exclusively on the K value to protect you from buckling.
The AISC code (and that presentation) goes farther than the Canadian code does. It goes into the "Direct Analysis Method" which allows you to use a K value equal to 1.0 for all columns... So, long as you account for initial imperfections (that the reason for the notional loads) and some material non-linearity due to residual stresses and such (this is the reason for the reduced stiffnesses).
To my knowledge, the Canadian code does not have either of these caveats. So, we have to use our engineering judgment, of course. IMHO, using K=1.0 for all members would be a stretch. However, it is clear that a 2nd order analysis already takes into account much of what the K factor is intending to do. Therefore, using both means that you are liking double dipping a bit and may be a bit over-conservative.
No definitive solution from me! But, if I have confidence in the 2nd order analysis that I'm doing and I've got decent lateral loads, then I don't feel the need to be extra conservative with my K values. I'm looking for reasons which would justify using a lower K value to take out some of that conservatism.