I like to cruise /v/all, however it will get filled with what I consider chaff, stuff I'd rather not have clogging my view.
To that end, I'd like to be able to filter out content that is undesirable to me. I'd like the filters to be easily shareable by giving out a link or something similar.
For transparency sake, every subverse, user, title keyword, and message keyword should be shown in some sort of sortable statistics page. This way you could see that the /v/KiltedKenIsGreat subverse is the most popularly hidden subverse, or that /user/KiltedKen has been filtered-out by 421 other users.
Moderators would see everything in the subverses they moderate -- to ensure they can do their job.
I think this is beneficial to a site free of censorship, because while I support not censoring anyone in general, I don't necessarily want to read posts from particular subverses or users.