[wmorein]

My recollection of a mathematical finance course I took was that early on we spent about 30 minutes going through the caveats you mention and that were covered in the article, and then they were promptly forgotten or ignored for the entire rest of the semester. I always found that very odd, particularly considering that the course was the start of what was considered (I think) a pretty good MA in Mathematical Finance, with a lot of alumni ending up at well known places on Wall Street: http://www.math.columbia.edu/department/mafn/page5.html