I am very new here so take my opinion for what it is worth.
While I am tolerant of "bad behavior" I don't think going with no moderation at all is the solution. I post on several boards that are almost completely uncensored (only thing removed is PI of posters that don't want it on the board) and it is a nightmare. Now, they are hacker boards and you have to expect that (which is why I tend to be very tolerant) but, that kind of stuff kills boards. I think Jack's suggestions for some moderation are good, and more importantly, realistic.