Well, it went great for a short while. After a couple of years it started to get worse though. A small group of people started posting racist comments and topics. Long term members would then ask why this racism was allowed, and I defended their free speech. Then I started to lose some of the friendly regulars from the community. They got tired of being insulted, and if the community didn't censor of remove racist comments, they argued I was supporting them and giving them a platform to spread hate.
As I watched the community degrade, I realized censorship would be required if I wanted the community to develop into what I envisioned and so I changed course.
In short, no censorship is going to give you a certain type of community, so before starting consider if this is the type of social network you want to bring into the world.