Yep. The old "too many chiefs and not enough indians" thing. It would be chaos.
I can imagine a list of highly-trusted members begin given permission to "hide" a post until review by Jim Rob. Any abuse by those "highly-trusted" members would result in their removal from the list and other possible sanctions. Once reviewed and confirmed as truly reprehensible, it could be deleted. Either way, final authority would remain with our host, and accountability of the "highly-trusted" would also be inescapable.
I have NO IDEA how to implement such a feature, but if it can be done, perhaps it should be considered.