I bought a D40 on the back of Ken's advice and it certainly was a decent camera, but he does play back its drawbacks. For me, the lack of internal focus motor was a major drawback. It meant the 50mm f/1.8 (which is now one of my favourite lenses), and a whole back catalogue of none af-s lenses, really wasnt much use. I wouldnt worry massively about bracketing, you can do it manually, although it is a 'nice to have' it isnt a must have. 3 focus points was also a tad on the low side. If I were to start over I probably would have gone for a 2nd hand D50, which in my mind was a far superior camera. If I had I dont think I would have ended up upgrading to the D300 quite so quickly.
A lot depends on what you want to do with your photography. I certainly learnt a lot with the D40 and it was a very cheap way of getting into what is turning out to be a bloody expensive hobby. I have also taken some stuff I am very pleased with with that camera.
As for Ken, definitely take his site with a pinch of salt. There's a lot of good info in there but it is very biased and, as said, something is either the best in the world ever or totally worthless.