[FatOtt]

I'm also not sure about this:

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Second, pretty much everyone who doesn't like the EVA method has the same reason; it maximizes firm value, not equity value. I've never heard either of the Berkshire managers talk about their specific reasons, but I would be shocked if this wasn't it.

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Economic Value Added (not in the trademarked sense, but in the more general conceptual sense) is often calculated as:

Adjusted Net Earnings of the firm (including interest expense and adjusting for things like R&D and advertising) - [Book Value (as adjusted) * Cost of Equity Capital].

Other than situations where the equity is out of the money (as described by edtoast), I don't see this as a big problem. At the end, considering that any incremental firm values accrues to the equity holders and not the debt holders, I don't see a big deal with maximizing firm value vs. equity value (again, when the equity is in the money).