Yup, Opera has lost it. Tetzchner doesn't cover where it is that Opera has really lost it; innovation.
Opera was always the innovator of the browser market. The competition always used to copy new Opera features and pretend they were their own. Even wrapped around Chromium instead of sticking with Presto Opera could continue to do that, but I can't think of Opera having pulled off anything like that for a few years now. Opera was one of those quality products which had a small, loyal, discerning user base. It was never going to be hugely popular, but since when was popularity any measure of quality? Now it's just another Chromium variant loyalty is on the wane and the discerning user is looking elsewhere.
Sure their market share was never massive - something like 2.5% in 2011 - but it was stable, which meant an increasing user base. The steady decline since then both in share and total users will probably mean the Opera browser is no more in a few short years. Of course that decline could even accelerate should the board decide that the smaller user base justifies even less investment in development.
It's a huge shame.