If I remember correctly Joel wasn't opposed to refactoring old code. That article seemed to be mainly against wholesale rewrites which I agree in a most cases. He is now paying the price for taking this rule to the extreme. I think sometimes rewrites are unavoidable as tech on which the old code is based dies and the current code needs to continue to be extended. In Joel's company case they slowly ended up having to write an entire compiler and language to keep their old code running.

Relevant passage:

"First, there are architectural problems. The code is not factored correctly. The networking code is popping up its own dialog boxes from the middle of nowhere; this should have been handled in the UI code. These problems can be solved, one at a time, by carefully moving code, refactoring, changing interfaces. They can be done by one programmer working carefully and checking in his changes all at once, so that nobody else is disrupted. Even fairly major architectural changes can be done without throwing away the code. On the Juno project we spent several months rearchitecting at one point: just moving things around, cleaning them up, creating base classes that made sense, and creating sharp interfaces between the modules. But we did it carefully, with our existing code base, and we didn't introduce new bugs or throw away working code."