What are the odds of getting the next block, and being able to prevent transactions that you don't approve of for ~10 minutes? 51%
You don't get it. If you have more than 50% of the mining power you can just continue searching for a valid block even after somebody else has found one before you. This way you can make sure that you control every block. This is listed in the weaknesses on the Wiki. Yes, you can technically still add transactions, but there's not much point if they'll never get confirmed.
Read it again. It doesn't say anything even remotely resembling what you are claiming it says.
Generating a valid block after the rest of the network has already moved on to the next one is very nearly pointless. Do you understand what circumstances must be present for someone to replace the existing chain with a side branch of their own? How many times do you think they could get away with what the network operators would consider to be a very major event before someone notices?