I frankly don't understand the basis for your critique.
Joel and DHH are having a heated disagreement about how to value a company that is not yet public. Underlying their disagreement are two opposing startup philosophies: 1) the "37 signals" way, i.e. run your startup like a business, worry about real profits and losses, and don't bother trying to become the next "Facebook" or "Google" and 2) the "VC" way, which in a sense Joel happens to be representing here, i.e. build a great idea, attract funding, worry about profit when you've gained traction, etc.
These are hugely important themes in nearly every discussion that takes place about entrepreneurship here on HN. And while you may have observed only "fighting," speaking personally I learned a lot about secondary markets etc. from hearing Joel's side. It cost me all of two minutes time, during any point of which I could have clicked away and done something else.
I think it speaks volumes about the community that PG and others have built here that to this day you'll find "big shots" like DHH and Joel coming here to air out their difference. I don't know of many other communities that have fostered such an environment within their niche for so long. Discussions like this remind me of how awesome HN is and continues to be.
Lastly, if you're not interested in a discussion, just don't read it. I just don't know that pining away for the "good old days" is really all that productive, and it's certainly less interesting than the discussions you're complaining about.
Anyhow, just my two cents. Cheers.