Advice from Writer to Writer

I came across an interview with a published writer in the sci-fi/fantasy genre. I thought his advice (though we've all heard it before) carried some force given that it came from another writer. So, here it is:

BB: What advice do you give to fledgling writers?

LW: The same as everyone else's. Write. Apply seat to office chair and fill screen with words. Don't expect to be a master from the beginning. Your first drafts will always suck. That's what first drafts are meant to do. Once the story is down on paper (or magnetic media), you can re-write and revise until you've said what you meant to say. Get friends who write, or are discerning readers, to critique for you. Once you think the story is perfect, put it away in a drawer for about 3 months, and then look at it again. You'll be appalled at what you find, but that's usually the point where you can do a final draft and actually have something that's not an insult to an editor.

Do you think this guy is out in left field, or is his advice spot on? If he's got a point, how will you apply his advice to your writing?