I don't really have an opinion on this, but I just wanted to share something from the most recent BYO (December 2014 issue, page 24)... This was in the "help me Mr. Wizard" section and the question was about the no sparge method and if there are any disadvantages. It's a long response, but I'll stick to the point about enzymatic activity...
"When mashes become progressively thinner, enzyme stability decreases. Most beer in the world is brewed using a mash thickness somewhere between 2.6 parts water to 1 part malt (weight/weight basis) on the thick end of the spectrum to 4 parts water to 1 part malt on the thin end of the spectrum. Your last brew (relating the question posed) used 9 gallons or water and 8 pounds of malt, or 9.4 parts water to 1 part malt. That is an extremely thin mash and the enzymes in such a a mash are much less stable than enzymes in a thcker mash. The rate of the enzymatic reaction is also slower because the concentrations of both enzyme and substrate are reduced as the mash becomes more diluted (for more information on the subject read about Michaelis-Menten kinetics). This has a direct bearing on your particular problem and that problem is low wort fermentability. You are successfully extracting wort solids, mainly sugars, from the malt added to the mash, but those wort sugars are not all fermentable. The result is a high finish gravity"
The Michaelis-Menten kinetics mentioned is way too much science for me, but I put the wikipedia link below for those interested.
http://en.wikipedia.org/wiki/Michaelis–Menten_kinetics