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I think this is a good way to describe the way Kel/ST operates. He himself is very talented, but his greatest skill is gathering talented people (the old guard; now Cot, Aps, Kalam, QB etc.) and putting them in the best place to work for him. But I see no reason to suspect that at the end of the day, he is not the one who will call the final shots.
The best parallel to ST from our world is probably the Chairman of the only evil empire we have these days: Bill Gates. By all accounts he was a genius programmer who was sometimes a little unstable, took risks that some people would consider crazy (dropping out of Harvard), or highly unpopular (his devotion to closed-source development, anti-piracy, and sketchy business practices) and became the world's richest and possibly most powerful man. Still, he could not have made Microsoft without the right people, or the right connections to ensure that his (often inferior) products are positioned to be unavoidable for the average computer user. (He is also positioning himself for ascension when he steps down as chairman in 2008 with all the philanthropy).
Nobody would say that Gates or ST is right now the best programmer/mage/business or military strategist alive, but no one could deny their respective claims to genius either. No one else could have pulled off what they have done to create their empires. (No one else is ruthless/insane enough...)
Two other quick ways to look at the ST/Cot relationship:
1) ST as the conductor of a symphony, Cot as the virtuoso first chair violinist (you don't hear the conductor)
2) Cot as the exquisitely forged knife or sword, ST as the wielder
Of course, knowing SE, the real force behind Kel/ST is probably the Crippled God (wait to see what Panek does with his army of once crucified children without Apt to keep him in check)