...but, planning in place of action is planning on failure.
http://en.wikiquote.org/wiki/Churchill
I somewhat agree -- my first reaction was to append "and then a plan" to the end of the sentence.
But I think the most accurate take on the subject is this:
"I have always found plans to be worthless, but planning indispensable." --Dwight D. Eisenhower
An important distinction I think.