This won't be as good as Aaron's Link-O-Rama posts but I have run across a few interesting things related to performance analysis and other topics recently.
Albert shows that when using these four outcomes as rate statistics, he can get an R-squared of .896, which is right inline with Runs Created and OPS. However, when he adds a differntiation between all hits and doubles and triples the correlation doesn't improve dramatically and only rises to .909. Although he doesn't show it, I would assume that strikeout rate doesn't add much to the picture and that perhaps using doubles and triples instead of strikeouts may in fact yield a correlation greater than .896. He then goes on to use a model to estimate the distribution of talent across his four measures and calculates the regression to the mean that would be used when estimating a player's true skill levels. Of course he shows that hit probablity is far more influenced by luck than any other factor and that strikeout probabilty is the most dispersed of the measures. In any case, some very interesting work here as usual.