It seems like a good idea, but in practice, don't bother IMO. Wood won't soak up much water because the cells expand and seal off water from absorbing very far. Otherwise wooden barrels wouldn't hold liquids.
He's correct, it only penetrates 1/8", but he doesn't take into account what occurs once the wood is placed on the fire. If you take two equal pieces of wood (in size, shape, and density), one soaked and one not, and place them on fires of equal temperature, the one that was soaked will produce more smoke and burn to ash less rapidly than the unsoaked wood. The National Fire Academy did a test in a vacuum chamber to prove the point. They've got a really interesting video on it that I saw during a fire behavior class, but I can't find the video online. Once the soaked portion burns off, yes they'll burn at equal rates, but the soaked wood will cause the wood burn longer overall and will initially smolder producing more smoke. The length of time is dependent on the heat source. Whether or not it's worth the time and energy it takes to soak the wood is a matter of personal opinion, but it does make a difference.