I think it is fair to say that Jimbo should never be over-ruled in he blocks somebody. The main reason is that, although there is always the argument that a block may be unfair or that it may be 'uncalled for', Jimbo deals with a whole side of Wikipedia that not many of us are 'in the know' about. And that side is the legal side of things. If there's ever a legal problem with Wikipedia, he is the first to know, and I'm sure I'm right in saying that sometimes it just isn't possible for him to go into specifics about it all. He often steps in and blanks pages, and blocks users, and that's because he is - no matter how much of a Wiki system this is - the person who, along with the other board members, essential runs Wikipedia. He's at the top of the tree.
If a serious legal threat ever comes along to Wikipedia, and he blocks somebody to eliminate that legal threat, we don't want to be put at risk by a sysop coming along and unblocking because the block is 'possibly unfair'. I'd say that, when Jimbo steps in, it's pretty important. He doesn't edit 24 hours a day and when he gets involved in using his sysop capabilities on Wikipedia, it's for a very good reason.
Simply put, if Jimbo needs to get involved in a 'wheel war', he doesn't need his actions to be undone. He's busy enough as it is, I'm sure, and I'm absolutely confident, as many of us are, that he is always doing what is best for Wikipedia and its future.
The moral of the story? Instead of talking about how immature the 'wheel war' is, we should be trying to move on from it, and we should be making it yesterday's news today.
It was mentioned earlier in this thread that 'these rules' don't apply to Jimbo, and that is something I agree with. Without Jimbo, Angela and the rest of the Wikimedia Foundation, there is no Wikipedia. We need to trust their actions, and get back to building Wikipedia, not questioning it.