I don't know the scientific explanation for his recommendation, although I think it has to do with the fact the the replenisher doesn't fully compensate for the exhaustion the developer has experienced. More experienced and chemically proficient members can answer this question better than I can.
I also read Finch's comment when I started to use replenished D-23, but decided to keep the same time as the one that I had adopted for stock solution D-23, which, for me, is about 15% more than the time for D-76.
I'm no expert on the matter and haven't done extensive tests, but from what I understand, slight overdevelopment with D-23 will not affect the highlights — i.e., risk of blown highlights — as with other developers such as D-76 or Xtol. It will, however, affect contrast. D-23 not being a high-contrast developer, it is possible that, to John Finch's taste, the extended time becomes preferable. I prefer to control constrast through agitation.
Then there is the matter of how you rate you film. For me, HP5+ works in D-23 at ISO 250.
That said, I have realized that with D-23 times, you do have to apply the "better safe than sorry" principle. There is loss of speed with this developer, and with underdevelopment there is a strong chance of ruining your film. I found that to be true the few times I used it with Tri-X (rated at 400, though), which needed a higher percentage of added time than HP5+.