Maleck,
What I meant by my statement is that the "super-cable" just isn't here yet on a scale that would be necessary. As stated on the zadar.net page, the use of this cable is very dependent on the density/tensile stress ratio and the one required is a pretty impressive material.
There are many other problems with the theory that I haven't seen properly addressed. The zadar.net page talks about transverse wave speed briefly, but what of them? Their causes and effects? What about longitudinal waves? The harmonics questions are the biggest problems in my mind. The questions of energy balance and how much fuel it takes to accelerate you to the tangential speeds required while still hoisting a useable payload still have not been answered satisfactorily. The cable will lag because of atmospheric drag and this lag will vary greatly which continuously changes the orbit of the weight at the end - what of those effects? Not to mention all of the above affecting your coriolis forces. Now, on to construction: how do you catch that cable hanging down from space and pin it to the earth? The cable is lagging, due to the atmosphere, in the opposite direction to which it will lag when connected and stabilized - how is that dealt with? This lag will produce a whip effect that will send waves up the cable and wreak havoc on the guys at the other end, especially as the cable's diameter gets smaller as the wave passes geosynchronous orbit. The wave velocity may not change, but the amplitude sure does. Think of the last car of a roller coaster or the last person in a chain of ice-skaters. Coriolis issues under construction are a big deal too - how do you continuously increase the angular momemtum around its own centroid as its moment of inertia grows while being constructed? Granted, you've got some tidal force helping you, but that force is not constant along the cable length which would produce - you guessed it - waves in the cable.
All of these issues plus MANY more must be thought through and solved before this project ever gets out of the design stage. I won't hem myself in and say that it's impossible, but I will say that it is very highly improbable...