"Managing up" is about getting the job done. The unfortunate side effect is "carrying" an incompetent boss. I'm not certain that anyone can manage up so effectively that the boss's poor performance isn't recognized. Truth has a way of willing out.
The cost of not managing up is failure. In business, employees often must pay for the mistakes of those above them. When the boss screws up, his/her employees most often pay the price in terms of additional work, repeat work, or even business failure.
Thought-provoking article. Perhaps a better alternative is to manage up only as long as it takes you to find a better company?