I don't believe in the elite set up man either. I think the "elite set up" man is similar to the "dedicated DH" the latter of which is in sharp decline.
The elite set up man is a consequence of some teams ending up with an abundance of 1 inning pitching talent just like the dedicated DH is now the consequence of a few teams having a good enough hitter no longer really capable of filling a role in the field to justify having him always fill the DH spot.
Once players fitting the role of "elite set up man" were given that catchy moniker, they became something for some folks to admire and in some cases desire. However once you go down the road of defining it as such you are one or two steps away from paying for it as well. Seeking an elite set up man is about one step more foolish than paying a closer mid-8 figures over four years to pitch 60 odd innings a year.
I have come to believe that there is a back office at the MLB Player's Association headquarters totally dedicated to the task of cranking out these catchy monikers for player types that at other times would have been called things like "failed starting pitcher" as a means of cranking up salaries even more than they are today. Pretty soon we will have things like "elite middle reliever" and "super pinch hitter" and before you know it we will see postings from folks telling us that we are doomed to second tier status if we don't have an elite middle reliever or a super pinch hitter.
The whole thing is ridiculous. As far as pitching goes I think baseball organizations are catching on to the Nolan Ryan thing. It appears to me that across baseball, starting pitchers in general have begun this season with higher pitch count numbers than they have started with in recent seasons. It looks like starting pitchers for the most part has started their seasons this year with 100 pitch, pitch count numbers which would suggest that they will be above that number maybe by 15 or so pitches later in the season. Seems to me that 85-90 pitches was more the norm for early season starts in the past. Who knows....maybe if it is real and sustainable that will translate into a 0.25 or 0.50 increase in innings pitched per start for starting pitchers just this year which would go a long way to nipping this elite set up man stuff in the bud.
In fact I think higher pitch counts for starting pitchers should be a natural consequence of lower power numbers as we continue through the post steroid era. I don't see any 70 HR hitters looming out there on the immediate horizon. Josh Hamilton has 21 HR's through a 3rd of the season but accomplished that by hitting 2, 3 and 4 HR's on successive days against the Orioles in May. Next highest in the AL is 18. High in the NL is Beltran with 15 so far.
Does make me wonder how much the steroid era truly did screw up baseball not only as far as season and career stats go but even as far as defining roles for players like relief pitchers and starting pitchers. Obviously I am of the school of steroids having helped hitters much more than it did pitchers.