The admins (disclaimerbrag: I used to be one) prefer to exercise control one level up: by deciding which subreddits to put in the default set. So the moderators

The admins (disclaimerbrag: I used to be one) prefer to exercise control one level up: by deciding which subreddits to put in the default set. So the moderators have near-absolute domain over their subreddit, but only the ones who do a good job get featured on the default front page. That restores the proper incentives and controls to the system while maximizing free speech and experimentation.