To better realize why Hollinger's math is far from perfect, take a look at the current PER ratings for various players: John Hollinger's NBA Player Statistics - NBA Basketball - ESPN
Yes, the players you'd expect to be at the top of these "ratings" are there, but what about Nazr Mohammed at #12? Or Carl Landry at #15? Or Rasho Nesterovich having second-best PER among our player behind Bosh
Stats... There are lies, damned lies, and statistics.