That isn't 100% true, i was actually asked to read and edit that article for him as a favor and i didn't have time, but i did read that. here is how it works the PWM has a number of phases and they all work at the same time in parallel, that article is pretty old but its right on most things. MOST PWMs run their phases in parallel, with one exception within the last 5 years and that was volterra PWM for the classy. Now PWMs don't have 16 phases they have anywhere from 3-12, the number isn't important as to increase power output you can just increase the number of MOSFETs and Chokes and then you could have 4 MOSFETs+Chokes per phase on a phase PWM to have 24 phases, and it would still be a true 24 phase design. The advantage of increasing phase count is that you decrease continuous output of each phase, so instead of 12 phases pushing 30 amps a pop you will have 24 phases pushing 15 amps a pop, which is much better for efficiency and longevity. The increase in choke and mosfet count increases the effectiveness of the voltage output by cleaning up the voltage persay.
VRD12 PWM spec states that less capacitor banks with faster VRm are better than large capacitor banks with slow vrm. So to keep voltage ripple to a minimum you need very high quality chokes to help do the capacitors job.
You will see that the big bang will have more than 16 if not 16 phases, because that board is made for sustaining very high OC, your board is still pretty good but will it last a few years with that stress at 5.3ghz? probably not. But you will have a new system by then most likely so it doesn't really matter.