What a crazy idea! Companies should try to make money!
I understand that in some cases (financial, healthcare, biotech, etc) there are heavy capital requirements, simply because of the area they operate in. There are also other cases where using a large pile of cash can push you ahead of the competition and secure the entire market.
But if I had to guess, I'd wager that many, many startups are not in this kind of situation. They aren't in a capital-heavy field, and burning down a big pile of cash isn't going to make them the industry leader and crush the competition. I think more startups could be served better by simply focusing on solid business fundamentals...and it amazes me that just now are startups realizing that. Hence my comment.
That said, I'm arm-chair quarterbacking here. So my opinion counts for about nothing :)
Edit: For what it's worth, I agreed with the article and was pleased with the "be profitable sooner" mentality that the current YC batch has.
Not all industries are like that. Social networks and payment networks, though, are examples of winner take all markets. That is why it makes sense to raise a lot of money and try to capture the dominant spot in the market before a competitor does so.
You can't point to the exception, the case that just happen to work out, and consider it a valid approach.
The time to make money is always now. Any other approach is just deferring the inevitable confrontation of whether the company/idea/execution is economically viable.
Another public example is Amazon, they didn't record a profit until 8 years after incorporation: http://news.cnet.com/2100-1017-819688.html