You misunderstand. We don't hate it because it's moderated(Though one reason is the weeks it takes to approve one little post >_>), we dislike it because of the numerous amounts of SPAM there, and the fact that on-topic stuff isn't approved, while spam is. >_>
Below are 3 postings with the words, 'hate'.
I was merely mentioning that there is a reason why it's designed the way it is. And I know the LMB's can be frustrating - as I have been there.
There is a tremendous amount of traffic there. And it could be that someone puts in PII data in one of the messages, or cyberbullying or something like that. So the spam posts may be 'safer' than some of the other types of posts they get. It could also be that there is a group of moderators, approving a single message, without the context of the rest of the thread. A whole lot of reasons. So yeah, I am not a huge LMB supporter, but if I am 6, 7, 8 years old, it may be the only place I can go to that is safe, and my parents approve.
Again, it is due to COPPA, and if anyone wants to know, by asking 'what is coppa', then I will explain.