it will fix that one particular blind xss vulnerability, but from 37signals' response ("[their] users find great value in it") it sounds like they are allowing arbitrary html and javascript to be run everywhere else on the site.
other vulnerabilities would probably require that one has a basecamp account to be able to post messages to the site or something, but they allow privilege escalation and need to be fixed just the same.
37signals' response that users should be trusted is just stupid. think of a customer logging into their vendor's basecamp site, being able to take over the vendor's account and then see all of their other customers.
users (and their input) should never be trusted. even if you trust the users, you can't always guarantee that the trusted user is the one in control of their web browser.