The thing you have to remember is that the endpoint for the phase III trial is a very low bar - you are basically treating patients that are at the end of their rope and seeing if Glufo will extend their lives by a few months, which would be a success.
I think this is part of the reason why the after-hours response to the phase II results is muted - the results don't seem all that impressive on the surface - no complete responders, only partial responders and stable disease. But again, you have to look at the treatment population - these people have advanced/metastatic cancer with a very poor prognosis (survival after conventional chemo treatment is on average less than a year), so adding a few months to that equation is significant.
You have to recognize that Glufo is not expected to be a miracle drug that will cure these people - it is a supplementary therapy that attacks solid tumors from a different angle than conventional chemo, so the hope is it enhances response and survival, but is not a cure.
That is why IMO the phase II trial is equally important as the phase III (Glufo alone on patients that have not responded to Gem alone) - it will show that Glufo enhances "first line" treatment, and so will hopefully be tested and used with new conventional chemo agents that come along down the road.