I have not problem with moderators. I've seen them work on other discussion group/boards and would be willing to volunteer for a board or two here.
I, too, am against censorship and for the First Amendment. As a newspaper editor, I probably hold these views more deeply than most others here.
And, finally, all a moderator should do is watch for personal attacks and then warn people publicly to stop and regain the civility that, for the most part, exists here. If a situation does generate into a flame war and its participants refuse to take it off the boards, then the moderator should be able to delete such posts.