Interestingly enough, his "parenthesis-stacked" C code looks just like Python, which I find a pleasure to read.
There's one difference, though: conventional Python is indented four, not two, spaces. In fact, the main aspect of his "normal" C code that makes it more readable (to me, at least) is his use of four spaces for indentation.
Personally I think the biggest barrier to Lisp readability is too little indentation (two spaces is typical). Looking at his reformatted Lisp, the way I identified the nesting level of his highlighted line was not by looking at trailing parens but by looking at the indentation, which was much wider (and therefore clearer) than standard Lisp.
Highly nested constructs are more common and natural in Lisp. I think that explains the low level of indentation. It also hurts readability compared to imperative languages, where it's common to have long sequences like this:
do something;
do something else;
do something else;
do something else;
do something else;
Sequences like that give you long columns of aligned text that make it much easier to judge relative indentation on the screen.
Lisp's readability advantage (if it indeed has one; I'm giving it the benefit of the doubt for now) are at the whole-program level. On the function level, it seems more difficult than imperative languages. It would be more fair, and more to the point, to compare it to functional languages. If you write in an imperative style in Lisp, all the parens line up neatly, and it isn't so hard to read. But who codes that way unless they have to?
If you watch a Lisp-related mailing list, it seems like once a week someone brings up the topic "hey, what if I replaced the parens with significant whitespace?"
The stacked C code requires much less jumping around with your eyes and it's easier to quickly get an overall idea of what the code is doing. The other version just looks too scattered, which is fine if you're working on a particular line, but most of the time I'm just glancing at major portions of code.
There's one difference, though: conventional Python is indented four, not two, spaces. In fact, the main aspect of his "normal" C code that makes it more readable (to me, at least) is his use of four spaces for indentation.
Personally I think the biggest barrier to Lisp readability is too little indentation (two spaces is typical). Looking at his reformatted Lisp, the way I identified the nesting level of his highlighted line was not by looking at trailing parens but by looking at the indentation, which was much wider (and therefore clearer) than standard Lisp.