So far as I know, yes, they got it wrong. The “Mitochondrial Eve” is, technically, the DNA of a single person, but that single person wasn’t the ancestor of everyone. Instead, that’s the person, of the population of last common ancestors, whose DNA got established in the descendants at the expense of everyone else.
It’s like the grandparent paradox: you have two parents, four grandparents, and so on, so every person must have millions of great-great-great grandparents, and the population of the Earth in 1500AD must have been incalculably enormous. In reality, everyone shares a certain number of ancestors; we’re all members of a family which turns out to be fairly closely inbred, in the grand scheme of things. OTOH, your genome doesn’t have enough room for all of their DNA; some genes just got lost from genetic drift. Given the way genetic drift works, one ancestor’s gene (or genes, in the case of mitochondrial DNA and Y chromosomes) will come to dominate all the descendants.
(One example I heard used was the fact that lots of people in a particular village in England claim to be descended from Alexander the Great, but if you do the math, half of Alexander the great’s DNA is lost with each generation. If you calculate the percentage of his DNA which would survive to the present day, then it supposedly turns out to be a homeopathic amount, less than one gene. Then again, the descendants do have DNA, and they had to get it from somebody- it just happens that the chance any of your DNA came from any one particular famous ancestor is small.)
Now, I may be wrong, but let’s just say that I think it’s crazy to think that the “Mitochondrial Eve” was a single person from whom everyone else sprang, in the sense ghoti wants to believe. If nothing else, you have to face the fact that given a typical phylogenetic analysis, you’d have no way of telling whether there was one ancestor, or several ancestors of whom the DNA of only one survived to the present day. Plus, founder effects probably make these one-ancestor scenarios impossible, but I don’t know how that applies in practice for cases where you have many females and one male, or vice versa.
The real proof of the pudding is in the paper. If you can give me a cite, then I’ll read it if I get a chance. If talk.origins disagrees with me, I’d better check my sources! (Plus, IzzyR has pointed out that I might have screwed up my genetic drift explanation, so I’m being more cautious when I might normally rely on my memory and common sense.)
-Ben