Well, given what I was envisioning, sure it may have the potential for serious threads to be ripped apart. But, that's where we'd come in. Not all the time, though.
Like, say, a funny article about some celebrity doing something stupid, I wouldn't expect that to be stopped from getting ripped apart. Same with the picture thread, because, even if it may digress into crazy arguments, that won't exactly HURT the thread, because people would keep posting pictures. Though if it gets out of hand and someone PMs us saying that they feel they're being harassed here (which I said before shouldn't be tolerated), then they can PM us.
And I forget if I mentioned this before, I wouldn't expect most racist shit to be allowed, unless it's an obvious joke.
The way I'd imagined it, was if anyone is bothered by their thread being ripped apart, they can try and get them back on topic, and if that doesn't work, PM us. Like, if someone wants to post something that's a serious religion debate and doesn't want trolling, then we can keep an eye on that thread.
And about your tsunami example, while a lot of people on this board may be silly at times, I think most of us here are mature enough and not distasteful to shit up a thread about a deadly tsunami, or a dead celebrity (well, that's questionable), or a problem someone's going through, or a tragic incident or whatever. Those are the kind of threads we'd be keeping an eye on.
Also about the harassment issue, kind of like Pants (PNT) said above, if there's more lax then it would more likely keep the flaming and stuff to a minimum.
It may seem weird to you, but this system actually works quite well at this other place, and I'm sure it would work here as well, if my statement about the tastefulness/intelligence of the average members here is accurate.