Is this really an argument or just fact? From what I understand, the modern accepted view of evolution is that it happens in a sudden step wise manner... there will be an equilibrium, where the ecosystem is fairly stable and species don't change much, and then some shock or change will happen and evolution will be rapid, over a relatively short period.
This makes sense if you think deeply about it; evolution will only happen when the 'normal' genetic expression stops surviving, otherwise the random variations will even out.
I assumed most of the actual genetic variation comes in during times of plenty, when you can have lots of offspring without worrying about them being perfectly tuned for their environment. Then a shock comes along, straining the population in some way, and whoever happens to have the right genes simply survives. The "millions of years" thing is probably for becoming a whole separate species, no? Like our ancestors turning into homo sapiens.
point being: I imagine it's sorta the opposite - evolution happens when things are stable, but the species is only shaped towards it during hard times
edit: This is reflected in the mammalian explosion - while dinosaurs ruled the earth, things were stable. asteroid comes, hard times arrive, mammals suddenly explode because they were most-ready to take over new environments thanks to their already-developed genes. Millions of years of honing all that led to H. Sapiens, the hot new species