But the elephant in the room that Musk appears to be ignoring is the life sciences side of things. Only 12 humans have sortied outside the Van Allen belts (which protect us from the deep space radiation environment). Nobody has spent more than 18 consecutive months in space or reduced gravity, and we know there are biological changes that affect astronauts. The same goes triple for the plants and bacteria and fungi (never mind animals) we depend on for agriculture, and a closed-loop agricultural system and air plant is implicit in Musk's goal of a self-sufficient colony on Mars. We haven't even repeated the (failed) Biosphere 2 experiment.
We need the giant payload capacity before we can test the life sciences problems in a realistic manner (small and ferociously expensive lab experiments on the ISS are useful but fail Musk's iteration test because the lead time for running one is measured in years if not decades).
So we won't know if a Mars colony is even possible until some time after Musk builds the ships to put one there.