To me, Dustin is advocating a very practical position of minimalism. It's about starting from scratch and thinking carefully about everything you own. There is a huge upfront investment involved but you will get that time back (and much more) because you trust your tools. They won't let you down, They won't break, They will work exactly as intended and you will understand why they work in that way. This frees you up to spend more time on the things that are important to you.
I spent a few months travelling this year and I spent an awful lot of time thinking about what I wanted to bring with me. I bought almost everything from scratch and each item that went into the backpack was meticulously researched. I ended up with only 7.5kg (including backpack) of stuff but I had everything I needed and everything I needed was important. I was suddenly less anxious about setting off on my adventure. When others found that their backpacks were coming apart at the seams, mine was as strong as the day I bought it. When spending a month motorbiking through Vietnam, it took my friends 15 minutes to strap their 20KG+ of luggage to the bike every morning, it took me one minute. I always had the perfect clothing for whatever activity in whatever weather (despite the fact that I had about a third as much clothes as everybody else). While others were wondering around rural areas looking for a launderette, I had everything I needed to wash my own clothes (The liquid I used for washing clothes could also be used to wash my hair and shave, and I only needed a few ml of it). I got better sleep in dodgy areas because my fellow travellers were sleeping with one eye open while my bag was securely locked and tethered to something grounded. I could go on.
The bottom line is that I spent less time worrying and more time enjoying the moments and being with the people I was lucky enough to spent those moments with.