It depends. I think that people could (and should be encouraged to) take the opportunity that some of his posts give to give substantial replies to various topics, like I've tried to do.
I agree that short responses-in-kind (like I've given, too) are probably exactly what he wants, and is counter-productive.
One rule of thumb (which I often disregard myself) is to not respond until I see that the person to whom I'm responding has logged off. It not only gives more time for a thoughtful reply, but it prevents the conversation of degenerating into chat-room like messages. Also, it denies the troll the impression that he's wasting your time, which I suspect is part of the game.
I've done everything the Bible says, even the stuff that contradicts the other stuff! -- Ned Flanders