As somebody who's been "told off" a couple of times, I've got to say that I like it better this way. I think on some issues, they've come in too early but I've also seen other forums where these things have gone from bad to worse, to really ugly without anyone stepping in. I've also got to acknowledge that I've seen very few forums where the thread turns around on its own so it's probably best to assume the potential for disaster is greater than the opposite.
Okay, this works for me.