Data abundance and analytical power makes scientific approach obsolete?

Interesting piece from Wired: http://www.wired.com/science/discoveries/magazine/16-07/pb_theory
To sum it up, the old scientific model is: you gather sufficient empirical data, seek to understand the relationships between factors and attributes, create a model that can explain the data, test the model by crossing new data with the model’s prediction.  One of the founding basis of this approach is [...]