Moderating Posts

An interesting column by the Chicago Tribune's public editor, Timothy McNulty. A public editor is sometimes called an "ombudsman" at a news organization. They're designed to be readers' representatives on a host of issues involving what goes in the paper and why. The New York Times has a particularly interesting public editor right now, Clark Hoyt. He's ruffled a few feathers, which has been fun to watch.
What do you think of McNulty's point? Should online reader posts be moderated? How can you relate this to your media use? Ever put a "shout out" in the Herald?