Another thought… even if this was a reasonable pre-moderation compromise, there would still be a few posts that would preferably receive admin attention before being published in any form.
Simple word/phrase matching might be enough to keep the really terrible stuff off the site, but even better would be some form of rudimentary semantic analysis (oh snap!) determining the level of anger/vulgarity/all-capsiness of a post before allowing 0-level contributions up for community vetting.
Piece of cake, right? 