I think it's just fine. It's not really moderation (where some person(s) actually vett each message before it goes to the list) but "refereeing".
If Frank & company do their job right, nothing will happen at all. Once or twice a year they'll call "TIME OUT!" on some thread, and with the controversial threat of silence, banishment, whatever, things should calm down.
* yell at the kids * bucket of water on the cats * pulling the dogs apart by their back legs
Now if Frank and company become fascists, as is all the rage in the U.S. these days, OK, you can all say "I TOLJA SOW" we burn 'em in effigy, then kick 'em off the list, hope their spring towers rust off, but my guess is, pretty much nothing will ever happen.