I think everyone understands now that SNPs (and even sequencing) are only going to provide part of the puzzle. Copy number variation, methylation and other yet-to-be-determined epigenetic variations will all turn out to play a part. Let's see what emerges from the 1,000 genome project before we throw up our hands and give up. It may be that common SNPs don't provide that much information, but that "uncommon" SNPs will. Worst case would be that very rare mutations are the big driver - that people are tall (or short) for their own individual (but still inherited) genetic reasons.
It was hard to understand from that MIT review article exactly what these folks are saying. I assume it involves something along the lines of this extract from wikipedia:
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