Yeah, I read his list of cons mostly thinking "gee, this sounds like an environment I'd enjoy". What look like cons when you're younger often end up being pros once you've been around the programming block a few times and inherited code that should be featured on the Daily WTF.
I've been around the programming block a few times myself and inherited some perfectly horrible code, and his list of cons makes me shudder. But people differ. I've (purposefully) worked at smaller companies where I had more influence over the technical direction. I think a good amount of his cons list come from the size of Google, and all that large size brings with it. Many of those things are probably needed in a large enough company, to prevent the very things you seem to think they'd bring (Daily WTF time!) But in a small company with decent people, those rules and attitudes would be overly restrictive.