Now that I've had personal experience with FogBugz (from FogCreek) I heavily discount Joel's wisdom.

What was wrong with it?

It was slow, full text searching didn't work (literally), when using their API to delete repos and recreate them there would be race conditions that would leave us in a state where their support would have to go data spelunking on their end to correct them.

I could nitpick the GUI and such but the real issues were these fundamental problems. I was shocked. This happened for years.