With the OKCupid system, someone that has access to my email (even for a short time) might get continued access to my OKCupid account. I won't know that they have access. With Foursquare, someone who has access to my email can get access to my Foursquare by using the forgot password system. However, when they reset my password, I won't know the new password and there's a decent likelihood that I will realize that someone has broken into my account.
With the forgot password system, it's easy to expire that token as soon as the password is changed. With the instant login system, you can't expire the token after its first use since the email will still be in the user's inbox where they expect it to work. In one case, there will be a URL in my history with the token and if someone is smart, they can just try typing in okcupid.com/l in my browser and wait for the autocomplete with an auto-login token from my history. With the forgot password system, it will be in my history, but it will have expired when I changed my password. So, even if I've signed out of my email and okcupid before letting a friend borrow my computer, there will still be an auto-login token in my browser history that can be exploited.
I'm not saying that there aren't low-security services where this convenience is good. It's more that the author hasn't taken into account that there is greater security in the forgot password system.