Sounds like a little bit of bull to me..
As Mr. Duncan stated, possibly the fuel pump completely failed, loosing all fuel pressure, as a result no fuel squirting in to the pots = no bang.
Fuel pumps 'generally' start to slow the amount of fuel supplied, as a result the tune will begin to lean out and either melt pistons and or ping its self to death.
The PFC is safer in this respect as at least it will flash the dash light like crazy and display a knock reading.