Back to the idea of losing all the nutrients in a compost pile. I really don't think if the compost pile is done correctly that a large portion of the nutrients are lost. Remember that one of the primary benefits of compost is that unlike synthetic chemicals compost provides the slow release of nutrients. Keep that thought in mind, compost provides for the slow release of nutrients, and that means for a period of years, not days or weeks. Compost turns waste into a stable soil conditioner. On the other hand, I am not saying that most of the nutrients in a compost pile can not be lost if done incorrectly.
I realize mulching is a great thing, but I want to emphasize that the Bill Mollison article at the beginning of this thread does not say to stop composting in piles nor does he say to just use sheet mulching. They both have their place and purpose in gardening.