In my previous post, I've described how you can get a very clean configuration with no holes in your Internet-facing access-list if you have IOS release that supports inspection of router-generated traffic. As it turns out, my solution was not complete - you could not ping from the router. On top of inspecting UDP and TCP traffic (as is usually done), you also have to inspect ICMP traffic that the router uses for pings.
Furthermore, if you use any protocols that have separate control and data sessions (for example, FTP, H.323 or SIP), you have to list them before tcp or udp keywords, otherwise their control streams will not be inspected and there will be no provision for data sessions.
ip inspect name Internet ftp
ip inspect name Internet h.323 router-traffic
ip inspect name Internet sip router-traffic
ip inspect name Internet tcp router-traffic
ip inspect name Internet udp router-traffic
ip inspect name Internet icmp router-traffic
ip access-group Internet in
ip inspect Internet out
ip access-list extended Internet
deny ip any any