Another side of it worth mentioning is that Don Fogg himself, turned a number of makers onto using Canola, yet also seemed to love using water to quench. I remember recently reading something where he talked about about being able to get great results with water quenching with just about any steel by turning down the temp and increasing the soak time before quench. Although may be misquoting, or taking it out of context.
If you can get the same or similar results with triple quenching in canola, then why not use it. If you're shooting for a crazy active hamon, then parks 50 is almost a given, but a hamon doesn't make a great performing knife. Also, I don't think too many people are arguing against the advantages of Parks 50, since it's really a totally different application than Canola. The more apt comparison would probably be Canola vs Parks AAA.
Hell, the Nepalese Khukri makers still quench 5160 with water out of a tea kettle, and are able to achieve some pretty great results also (and sometimes mediocre ones), which anybody that's own and abused an HI khukri can attest to.
I too am concerned with the Parks 50 bandwagon. I'm wondering how many knives out there have been quenched in P50 that are from steels that aren't suited to it, because some makers think it's the "ultimate quench".
Either way, it's good that we air this stuff out occasionally. A lot of advice gets thrown around with a cut and dry response, when there are infinite variables involved in this craft.