I totally agree with the bit against dramatic music surges when action comes about. I played EQ2 for a while, and like a few people mentioned about Oblivion, getting into a fight with anything, be it a bee, wolf or sentient pile of rocks would queue up epic swashbuckling music. It was cool music, but not everytime a bat the size of your head swooped down on you.
I hate to fall back on the old Silent Hill bit again, but the first few games really did it well. The first game had very little actual 'music'. The metal-on-metal screeches were usually programmed only to a room, and sometimes without any real necessity. There were times when you'd go into a completely empty room and be 'touching cloth' because the music had (up until that point) been preparing you for imminent scariness. Silent Hill 2 did this too, and it also did a cinematic bit that I really liked.
Spoiler, maybe?: In your first really nasty encounter with Pyramid Head, after he commits double-aggravated-sexual-assault on the mannequin halves, he corners you in a closet. James gets frantic (understandably), then looks beside him and sees a clip for his gun, loads it, and opens fire. Although the moment was tense and held me for its duration, I laughed in retrospect because the game had the cheek to say 'just in case you're a trigger happy maniac, here's some bullets when you actually NEED them, weirdypants'. TLDR; I lol'd.
One thing I really do agree with though, isn't so much in the Extra Punctuation, but in the Zero Punctuation video. That bit is the bit about the narration track. That would ruin all sense of immersion for me. Now, this is not to say I don't like it when a playable character or even an NPC chimes in with some necessary information or character development driven dialogue, but those aren't usually outlining what's happening like it's just being read from a storybook. Did you know that there were two versions of the movie Blade-Runner? One had the narration track, and one didn't. Being given an option like that is one way that I would hope video games and movies DIDN'T differ.
[Edit: Because anytime before noon, I'm so not a comprehensive writer.]