I don't like it, but not because I really curse all that much, more because it seems to edit some non offensive items. If it can be edited to not key into so much, it wouldn't be so noticeable. Also, I prefer the handling of forum abuse handled by a mod if it is truly a problem.
What the fuk is this $hit? I came from a forum where I had to wr!te sh*t like thi$ all the f*ckin time, and finally got to relax around here and it was nice for a change, and now this schit again? Jeezusfukinchrist...
Well, my 1 1/2 cents: I don't cuss much, online or otherwise. Generally lose respect for any argument that uses a lot of ugly words. That being said, I just don't like censorship. IF someone complains because someone is bad, that can and should be handled privately, or through moderation if needed. But censorship is just that, censorship.