Would a compromise perhaps be a possible solution?
Libellous, racist or outright offensive etc posts obviously need a heavier hand but my solution would be:
'The Cage'
It might complement the main site, lounge and muppet show quite well actually; somewhere to send threads that are descending into the ridiculous. Make it a forum where threads cannot be started, only sent.
I find some of the spats quite amusing tbh, but there certainly are some very aggresive people on here. Some I would even go as far to say, post as if they are on some kind of anger-inducing narcotic; one minute wel constructed intelligent arguments then all of a sudden 'KPow!' they start hammering away at their keyboards like a man possessed, the sort of personality trait that clears pubs.
Just my opinion, and the 'Cage' suggestion was a serious one btw.