I am very aware of how to create moderators.  Sadly, I have yet to find a moderated forum that does not take on the personalities of the moderators.  What content is allowed?  What content is not allowed?  I will edit out truly offensive content, and ban people when necessary, but I hesitate when people are venting or arguing because I am tired of the constant 'political correctness' that is overwhelming communication.  My limits are pretty broad... while at the same time giving people the power to self-moderate via an easy ignore feature.  I am fascinating by people who say they are offended by someone's content... and then continue to seek it out and read it... but want ME to do something about it.  So I prioritize:
(1)  Spam.  If you are a spammer assume instaban.
(2)  Porn.  Likewise.
(3)  Personal attacks.  Depends on the content and extent.  If people are just arguing and calling each other idiots, I usually let it go because BOTH PARTIES are engaging and BOTH PARTIES have the power to end it at any time via ignore.  I draw the line at threats, or over-the-top character assassination like degrading images.
(4)  Questionable Content.  I finally had to remove the religion/politics/anything goes forum because it was generating too much ill will.  The off-topic forum I lightly moderate to keep the tone more or less positive.
Note - I have plenty of tools to deal with trouble-makers if necessary.  I just don't like to use them.  I come from a big family.  We will often argue.  But we love each other and within 15 minutes will be laughing together again.  I hope to create a similar environment here.  When people get moderated every time they raise a controversial opinion, or disagree with a position, I find it tends to squash discussion and you end up with a forum of drones where everyone agrees with each other.  If you want to post about a subject and want to control the discussion around it, create an article - and you can moderate what people say about it - or whether you want any conversation about it AT ALL.