It kind of does. Each time you recollect something you change the memory of the event (this is also mentioned in the article). Repeated recollection can have varied effects from (simplified) "I don't recall the original event, I recall the last time I thought of it" all the way up to creating false memories. I think there's been quite a bit of research on how this relates to interrogation techniques and the reliability of eyewitness testimony.
I spent a few days recuperating at home, sore as hell. During that time I replayed the incident several times in my head, and thought I had a clear idea of the stop sign I missed and what it looked like. I went back later, and the intersection was nothing like I had convinced myself I had remembered it being. Specifically I'd convinced myself the stop sign was partially obscured, and it wasn't.
This experience shook me for a long time, and gave me a deep distrust of my own memories. There's a reason why eye witness aren't entirely reliable, I'd experienced it myself.
Memories in an active state are malleable--things that happen, emotions you experience etc. are prone to influencing the content of the memory. Eventually it gets "filed away" in a dormant state and doesn't change much unless it's reactivated, which can be triggered by vivid, related experiences. (Interestingly, there's research which shows that a reactivated memory becomes malleable again for as long as it is active, so current events can influence how you remember past ones.)
The theory in the article seems to line up with this, if you immediately view a video of something you just did, the memory is still malleable and you're more likely to remember it in a third person rather than first person context. If you view the video a few days or a week later, the memory may not be as malleable as it was at the time of creation. Curious as to why you disagree with this, do you disagree with the underlying theory?
The theory of events being encompassed by a structure similar to many mesh networks of memories and where order of hierarchy rearranges but the previous order may be recalled is what I assume to be more realistic. Basically the sectors may either have more or less frequency of being recalled; by whatever may increase or decrease the likelihood.
The majority of cognitive neuroscience disagrees with you. Doesn't mean that you're necessarily wrong but you'll need to make some really good points for your argument to be taken seriously.