Well, your question is not misguided, really.
The thing is, lactate starts to accumulate when glucose being is being broken down by glycolytic enzymes faster than the resulting pyruvate can be shuttled into the mitochondria for oxidative phosphorylation.
Training just at "lactate threshold" (if such a threshold actually exists is something of great controversy, and I never saw a real threshold in any of the stress tests which I performed or in which I was a subject - yes this requires sequential blood draws from a catheter while performing a stress test) allows adaptation to occur at the mitochondrial level to allow for greater energy substrate utilization - whether through production of more shuttle proteins, Krebs cycle enzymes, or whole mitochondria altogether with all their components.
Lactate accumulation does CORRELATE with fatigue, though, in this way. As one runs/cycles/swims/etc faster and faster, you will be utilizing ATP for muscular contraction (during which ATP is broken into ADP and Pi). You can keep recycling ADP + Pi to new ATP as long as energy substrate is available. This can occur through glycolysis in the cytpolasm or oxidative phosphorylation in the mitochondria. At some point, glycolysis outpaces oxidative phosphorylation, and lactate accumulates. At some point of intensity not too much higher for most of us, ATP usage will outpace ATP production, you have an accumulation of Pi, and this accumulation has been shown as a major contributing factor to actual muscular contractile fatigue. (See reviews by Fitts and by Westerblad and Allen at pubmed.com).
All at the same time, we start seeing the Na/K pump problem arising. All excitable cells (nerve, muscle, heart, etc) utilize ATP energy to create a high Na gradient outside the cell and a high K gradient inside the cell. This unbalanced ionic milieu is the basis for action potentials. When ATP usage is so high for other processes in the cell, and when action potentials are firing so fast, eventually you start seeing K accumulation outside the cell (and of course Na accumulation inside the cell). The problem with this is that it affect voltage-gated channels responsible for action potentials, causing them to remain in refractory period for longer and preventing firing of action potentials when they're supposed to. (Action potentials are the electrical signals at the cell membrane that elicit the contractile machinery inside the cell to do its job).
All these processes leading to actual fatigue occur NEAR the same level of perceived intensity, but come on at various time points of elevating muscular fatigue.
I hope this helps. I could go on for days about this stuff. Ask more specific questions if you want.
And to dsrunner - OK, maybe this is not a true taper, but this is what occurs later in a racing season: One moves from more mileage based training with moderate intensity to interval/sprint training with higher intensity. Sometimes the volume drops, sometimes it does not. Either way, what is described in the article is preparation for the "racing season" by some runners.