aside from the cost for entry, that's the same sentiment that led to why i no longer contribute to wikipedia. zero censorship is too little; any is too much.
i'd love to hear your description of this working - you don't need to mention where it is specifically because that would of course, ruin it.
They're talking about Something Awful, which is widely regarded as having very successfully run its forums with a lot of fun, trollish behavior without losing the overall good vibe of the community, by doing exactly what he said.
This site has been online since ~1997, I think, so I think most of the oldtimers know it already. It follows the basic rule of "live by your words and be ready to do as you say". There are sub-rules, also, like "do not post if your post doesn't contribute to the thread". Unwritten rules also exist, that somehow curb the eternal september: "don't post for the first few years, just read". There is no concept of karma there, only thread rating, which IMO helps prevent karma-whoring, as it focuses not on individual, but rather a collaborative effort to make an epic thread. The mods are subject to these rules as well: I've seen mods banned by other mods and mods probating themselves for breaking their rules... i've spent my 10$ some five years ago, and, frankly, it was a good decision I would make again.