As long as the rich elite of steem do not become the self-appointed hate speech police, then I'll stick around. I don't mind extreme viewpoints and attitudes and drama that I disagree with, they just aren't deserving of my upvotes or downvotes. A negative, toxic post is just a waste of time in most cases, not even deserving a downvote. I would rather downvote someone who is clearly plagiarizing or vandalizing the blockchain with spam and malicious pornography.

I see the revenge flagging as being a more problematic area on the blockchain than the actual posts made by the perceived abusers. Some users cannot speak out against the worst abusers, because it is perceived as toxic hate speech to the revenge abuser. An automatic flag on triggering posts is very easy to set up for a determined user. As long as the rich stay rich, they will retain their wealth and therefore also their influence, just like the real world. No contrary opinions will be allowed by the wealthy abusers to be rewarded or remain visible.

The biggest advantage, like you say, is that on the blockchain nothing is ever truly deleted. Will the various steem platforms continue to allow flagged content to to remain revealable? That remains to be seen. As long as uncensorable platforms exist, then social uprisings and also dangerous criminals can never truly be silenced. Personally that is my preference. Maybe someone will create "Extreemit" as the next platform evolution for uncensorable content.

Personally, I don't think words are dangerous weapons, unless the speaker/writer has mutant powers that cause people to have heart attacks and bleeding ears from simply hearing/reading the words. The behaviors and attitudes that listeners and readers choose to adopt is what can become dangerous. Philosophers, religious leaders, political leaders, teachers, and parents will debate the degree of good and evil in each action until the end of time. And we will also debate whose responsibility it is to train individuals to do more good than evil. To assume that individuals cannot redeem themselves and be capable of becoming more good than before is to assume that all people will inevitably crack, and only the righteous elite can be trusted to rule us all.