I really agree with your last two points. I don't think there are any examples of a large community effectively self-moderating; you need someone willing to ruthlessly delete the crap.
I'm thinking about it, and I can't really see any advantage of the Reddit-style format over a traditional forum if you're trying to build a thoughtful community. In online terms, there's only been one non-forum where I've really felt part of the community, and that's a slow-moving blog with a smallish group of great regulars.