For me 10.4c simply applies when "the ball touches or is played by an opponent" as it is about to be caught or landing. Bouncing on an opponent's head, or a fumble when trying to be caught, or any other such actions, does not negate the 10m offside Law. An attempted charge-down, shortly after the ball has left the kicker's foot, changes the flight of the ball and puts all the kicker's team onside, in exchange for not being liable for a KO. So I am with Dickie.
Further dissection of the Law, as has often been said, does not add value to the simple game. I cannot even see a pinhead now, let alone count the angels dancing.