The guy's story is being covered by the Washington Post. How many people have heard his name now that never would have otherwise? I agree that - in and of itself - the whole "living in your car" thing is a bit dodgy... but if he plays his cards right, just the PR boost from this whole adventure could be a tremendous perk.
Of course, if he's successful, you have to wonder how long it'll take for a rash of copycats to decide to move to Palo Alto and sleep in their cars while they build startups...