Joel has been and seems to continue to be anti-paid advertising. I've heard him say it on the Stackoverflow podcasts, and I know it from trying to get FogCreek to advertise on my website (I tried again after having read the Inc article, thinking that maybe he was born again...).

I think he overestimates how well known FogBugz/FogCreek is. I think he unnecessarily handicaps himself with that policy.