Very nice article. I have to say though, that I can't even begin to THINK about spending 100 hours on a miniature, let alone 200 or 300.
I am primarily posting this to say that NO you DO NOT have to spend this much time on a piece to win painting comps. Absolutely not.
That said, some people will find that they do indeed need this much time to get the effect they want.
Just as many people will find that, with practice, they can paint to a (insert good painter) standard in only 20 hours.
It's all really a matter of style. I think it's shortsighted to state that you MUST spend massive amounts of time on a figure to win a comp.
So, with all that, nice article Victor, thanks for the insight into your technique!
Peace.