Nordstrom's became famous for having a "no return policy" return policy, which is the major implication of that 75 word card: a clerk at Nordstrom's could process a return with no receipt 7 months after the purchase if that seemed like the right thing to do to satisfy a customer (especially if it was going to get you to spend $500 more on that visit). But then, the cost of failure in handling a return is maybe $40.
In other environments, the cost of failure is much higher. My team works in one. We're paid to punch holes in other people's very important applications. The cost of breaking rules of engagement could be "halt trading". We have more rules.
Generally, it seems like you want to go the "75 word employee handbook" route when the cost of failure is relatively minimal, and then only if you can use it as a differentiator (you also have to pay for and train people who can demonstrate excellent customer service).
(And, obviously, in 2010, you can't be an employer with a 75 word handbook, unless you want to get sued every time you fire someone.)
IANAL, but I've worked for plenty of companies that have a 0 word handbook. I don't see why companies can't have a 75-word handbook.
Meanwhile, in the majority of US states, at-will employment is subject to "implied contracts", meaning that one very important purpose of an employee handbook is to eliminate any "implied contract" that a terminated employee could claim to exist.