Lord of the FnF's! lol!
My take on moderating (and it has worked for me very well over the last 12 years that I have runs message boards)
I delete any posts that are rude to another member. In general terms, I say one should talk to another like they were talking to their Mom or Dad, or a close friend across the kitchen table.
I also delete post on politics when they are not related to the subject. I also delete personal attacks on elected officials because more than likely there is member that likes that person.
I don't allow discussion on religion. Forums can be found at other places, as a participant I don't want to hear them here.
Forums should be informative and entertaining. A moderator should not try to get a consensus of what others think. You should know a bad post when you see it. If I am not sure I let it go and see how others may respond. If it causes another negative response I delete both and pretend I did not see the first one. (hey...I am just being honest.)
The problem with trying to get a consensus is that you only generate more unwanted discussion and take away from the purpose of the board community. Keep in mind, usually there are a number of non-active lurkers that find reading through such drivel as a waste of time (such as this post). As a moderator you have a responsibility to protect the positive aspects of the community culture.