Wow!
Big words... unfortunately I can't agree with either position.
Yes, the W3C guidelines are cumbersome, inflated and pretty much useless unless you're an expert in the field. Nevertheless I think they are useful, even though a worldwide standard would be preferable.
No, unfortunately the cool kids don't know about accessibility. While XHTML and other web standards are becoming more widely used I doubt that anyone who doesn't have first hand experience with accessibility tools (myself totally included) would be able to produce a site that covers all eventualities.
Basically, what we need is a quick and dirty, easy to read guide/checklist for building accessible sites. The W3C is not the body to look at for this but their guidelines should be used as the basis for it... pity the poor bastard who takes on the task ;)