I'm sure we can pick and choose good/bad examples from every thread, but I for one definitely feel the bar for civility/respect here is way higher than virtually anywhere else, so I'm choosing to believe this current system contributes to that and that the pros outweigh the cons.
After reddit's nonsense last summer I appreciate HN more than ever. If it means the moderation is a bit "too strict" then so be it. That was also the case on some of reddit's (and other sites') best communities. /r/AskHistorians immediately comes to mind.