Palmer doesn't win.
I disagree though.
I think the game has changed SO much between now and then that quarterback rating is a much more important stat now. It measures efficiency, yards, touchdowns and takes into account interceptions, so from a statistical standpoint I think it's great.
Now of course certain guys (i.e. Vince Young) are going to do a lot without having good numbers, but if you look at the best quarterbacks in the NFL (Palmer, Manning, Brady, etc.) they consistently have good ratings.
So I would disagree that the stat is meaningless.