BTW: no, it isn't.
Aren't you the guy who posted on this very thread that the truth doesn't always lie in the middle and used Hitler vs. USA to demonstrate? Yeah, here we go: #2528
I think the best option is no moderation at all, barring situations like those vandals who leave open marquee tags to make threads unreadable (and even that, I gather, is now automatically prevented by the software). Outperforming detractors is always more effective than shutting them up.
Still, I'll take restrained moderation and be grateful.