Hard disagree. Strict and heavy moderation is the only way to keep any discussion informative. It requires competent moderators, and there will be bad calls by the mods, but overall the alternatives are far worse.

The strictest moderation there is can be found in high quality academic publishing. You are allowed to publish only if what you say has high value, and is said in the proper way. Can't get your Flat Earth Quarterly published in Nature, and we're all better for it.