I'm not sure I would agree with that analysis: the language he himself uses would seem to belie that. Of course, he only speaks for the Antiochene and more widely the eastern part of the Church then, not Rome or the western part.
It's a good discussion, and I can certainly see how the various denominations all claim scriptural and early church support for their polity.
It is clear that "bishop", "elder", "presbyter", and "pastor" were synonymous terms for one and the same office in the scriptures, but I am not one who denies the validity of historical development, either -- especially since I am the beneficiary of that belief!
Believing as strongly as I do in local church autonomy, I'm not sure how having bishops fits into that, although in our communion, I/we try. There is a Baptist denomination that has bishops, called the Full Gospel Baptist Fellowship -- a very interesting group.