Yes, I've read that. He's talking about CA's. He does not ridicule PGP keys as you seem to. In fact, he has a few of his own:
Bruce Schneier <schneier@counterpane.com> 0x4C92D93D 2048 1997/10/16 Never
Bruce Schneier <schneier@counterpane.com> 0x7EDE4C65 1024 1995/09/26 Never
Look him and his company Counterpane up yourself:
http://keyserver.veridis.com:11371/