The only way I see to make moderated relays palatable to me is if they allow mirroring all events to a backup relay. So if relay A censors valid opinions on r/Bitcoin again, relay B can serve the same topic with different policy and take over those who get censored at A. People agreeing with this moderation can remain at A but people at B won't miss out on all the other notes that aren't censored at A.
Ideally clients would allow following topics on more than one relay at a time.