Well ... I'm going to take a chance and be really honest here.
I think the moderation policies are both good and bad. They've certainly helped in a lot of cases but I've also had my run-in's with the mods. I do sometimes feel that the threads are moderated to the point that you really can't say anything because it might be viewed as controversial ... even if it's just a remote possibility.
I too have seen threads shut down for no particular reason that I could see and there wasn't any explanation for it either. The threads just disappeared.
I personally don't understand it because to me, at least, controversy drives traffic and one would think a little less moderation would probably be better for business.
And, to be honest, sometimes it's just plain boring. Just when a thread is getting really interesting, they'll shut it down ... and it's not like anybody is name calling, insulting, etc.
I've also thought that maybe there's too many moderators. Afterall, what's the fun of being a moderator if you can't moderate? So, when you have a bunch of them ... maybe that's why so many threads do get shut down without any obvious TOS violations.
But, having said all of that ... at the end of the day, it's their board and you have to play by their rules ... even if you don't agree with it.