One of the things I like best about FT is that it is moderated, which keeps the conversation more or less civilized most of the time. Occasionally the moderation goes a bit too far, but not often IMO. I wouldn't mess with it too much - it's not so broken as to require fixing. I find one of the biggest issues with the moderation is arbitrarily merging a legitimate new thread with an older thread with dozens of pages, where the connection is dubious.
Ads are a necessary evil, however the popup ads that interfere with the functionality of the site must go. Ditto the ones that overlay the content. Generally the way the ads are presented needs much improvement.
The mobile site as it is now is so bad I don't use it, even on my iPad right now. The main site is fine, but if the mobile site could be made halfway useable, that would be good for those who want it.
As a general comment, FT is a great site! Thanks!