Since when were strategic plans not adaptive in their nature? Ex http://en.wikipedia.org/wiki/OODA_loop. Can't imagine anyone designing a strategic planning process that doesn't involve a feedback element or review phase. The only do-or-die long-term strategy I can think of is that seen in religious extremists who commit to a singular vision and die trying to get there.
Of course if you're just altering your strategy willy-nilly after inhaling a new piece of data, you'll face other types of problems with your planning. Getting any strategy to integrate into daily operations is probably what you'll suffer from most, ie creating engagement. And if you're thinking of a strategy as a position, for obvious reasons you can't just go changing it every so often - relationships with suppliers will suffer, not to mention you'll be confusing your customers. Etc. Surely there's a good discussion to be had about "what the right time is", but it's not made by the authors. The illusionary five-year plan is only really used by Chinese government nowadays. Common strategic plans (in business) have a cycle of about a year, time enough for formulation, implementation, measurements and reviews ending with some kind of decision being made.