The problem with this democratic moderation is... it's a bit self-affirming and oblivious to its hidden costs. For instance the moderators on Programmers.stackExchange constantly close topics for any reason they can find, even if it was interesting reading and people were providing answers. Not to mention a lot of the topics which are 'legit' are much less interesting. Result? Puts people off, site gets gradually more boring, but they think everything's going great.