We built our adminless Internet forum [1] for the same reason. It's splendid on the dev side because initially we built traditional moderation tools (they still exists in the Git), but then we deleted it all and it felt much simpler.
Still waiting to see if it will work from a moderation standpoint. The site's been live for almost a year with no issue yet.
Edit: It's a text only forum, which makes this a lot easier. I was thinking about allowing images but with a high per image fee.
