The sad thing is, Steinem was totally wrong, because she didn't actually read the comics she was criticizing. She claimed that taking Wonder Woman's superpowers away undermined her as a feminist icon, but I think just the opposite is true. Mod-era Diana Prince was shown to be a crimefighter every bit as capable as Batman, without needing any special advantages to play on the same level as male heroes. I think that made her a far better feminist icon.
Not to mention that when they ended the Mod era in response to Steinem's criticisms, they did so in a way that was aggressively anti-feminist. They brought back the former writer, Robert Kanigher, who was the chief architect of the era when Wonder Woman was reduced to stories focusing on romance and man-chasing, and he cavalierly reset everything to the former status quo in a cursory and slapdash way, even having her new boss dismiss Diana as a "plain Jane" because she was wearing glasses and a sweater. Granted, Kanigher's return was short-lived, but Steinem's ill-informed criticisms ended up having exactly the opposite of the impact she would've wanted.
(Here's my review of the Mod era from my blog.)
I read the blog previously, and while there's certainly a good argument to be made that mod WW was more empowering, I think that Steinem had the right idea symbolically. Costumed, powered Wonder Woman was/is a cultural icon approaching the league of Superman and Batman. Mod WW could just as easily have been a completely new character.