one of the particularly valid points is that airlines shouldn't be allowed to overbook. By offsetting this with no-refund policies, it seems like a win-win negotiation. It may not be "free market," but it makes logistical sense as it takes resources to re-route passengers and deal with the negative PR from booting passengers.
One of the not-so-valid points is the author's statement that "It makes no sense to allow airlines to charge an astronomical fare just because a flight is nearly full, and a dirt-cheap fare for an advance booking." The fundamental idea of supply and demand is that when supply is high and demand is low (when a flight is immediately listed), prices are lower than they would be when supply is low and demand is high (last minute interest in a semi-full flight). While most economic models have varying degrees of subjectivity, this is not one of them.
Ideologies are brilliant for discussion, but in practice, they fail to capture every possible variable and account for the impact when arriving at an outcome. Some amount of procedure (i.e. regulation) improves operations and efficacy. By the same token, too much regulation stifles operations.
Transportation is less of "creative" business, and more of a "procedural" business. As such, it can benefit from regulated procedures. The key is not to hide behind a wall of ignorance and ideology, but instead try to find the procedures that optimize the output for consumers and businesses.