I have to agree with most of the article.
To me, loyalty is a two-way street. It MUST be given by both sides. And neither side should expect it "just because". There has to be a constant renewal and proof of loyalty if it is to thrive. I won't point fingers at which side stopped giving (because I think both sides have some blame) but loyalty seems to be more the exception than the rule today.
From my experiences as a contractor (perhaps because it's more "acceptable" to move around more), I now see loyalty as more of a personal relationship than a employer-employee one.