You got it. If you download something with 1 MB/s (Cerny talked specifically about slower connections, I guess Sony doesn't assume a 100+MBit/s connection as granted all over the world), you need more than an hour to fill a small 4GB flash buffer which will use a lot less power than spinning up a harddrive. If that buffer is full, it writes then the 4 GB to the harddrive and powers it down again.That's not going to cut if for full game downloads initiated by the PlayStation App (or auto predicted). In which case, I can't see additional flash storage (slow or not) being cost justified when you might as well just send it all to the HDD.
EDIT
Unless you mean buffering as in storing up a few gig of data first and then sending it to the drive as the flash fills. That way large sequential blocks of data are written instead of potentially smaller chunks. Not sure what kind of power saving that would really offer, though.
I think the thread and the interview mentioned some (upcoming) regulations about standby power consumption. It would be a pity if Sony (or MS) would be forced to deactivate the standby connectivity/background download functionality with a firmware update in some countries just because it sucks 2W too much to pass the regulation, isn't it?