I really liked Slashdot's moderation system. Not everybody got to moderate. You got selected at random. Being able to moderate felt much more like a privilege than a right and I took it much more seriously than I do on Reddit.
Those one-off 5 mod points made you feel like scraps off someone's moderation feast table and made it absolutely obvious that you had no say in shaping the site. This sucked above all other issues with Slashdot and it was the reason why I jumped ship as soon as I discovered HN.
... and this is why we can't have nice things.
Sadly, mainstream discourse works in exactly the same way. You can utter the most outrageous lies, as long as you whisper while smartly dressed; but if you shout the truth with uncombed hair, you will be sanctioned.
tl;dr: Rational discourse is the "nice thing" that's worth striving for; treating those with different views with respect is the way to get it; none of us has a monopoly on truth.