I linked to this on Curated SQL, where I’d started to write out a response. After about four paragraphs of that, I decided that maybe it’d make sense to turn this into a full blog post rather than a mini-commentary, as I think it deserves the lengthier treatment. I’m going to assume that you’ve read Aaron’s post first, and it’s a well-done apologia in support of using NULLs pragmatically. I’ll start my response with a point of agreement, but then move to differences and alternatives before laying out where I see additional common ground between Aaron’s and my thoughts on the matter.
One explicit assumption in here is that you don’t really have a large number of nullable (or NULLable, as long-form blogging me wants to write) columns on a given table. 6NF-style tables for nullable attributes is a lot less tenable when you have 15 or 20 distinct nullable columns on a table, but at that point I have to ask, is your data model actually correct if you have that many missing attributes?