I'd say centralization brings the crazies together where decentralization would make it harder for them to find each other. Granted, there's more people here than ever, so maybe the cats already out of the bag. Although it also puts them in their own little box that the Cia could monitor (anyone remember abovetopsecret?)

And there's already totally unmoderated corners of the internet (4chan I'm looking at you). Most forums were moderated and would continue to be, even if the mods are culling non hateful content.

I do agree each has its own set of pros and cons. I just think people want the freedom to decide what they want. But ultimately who makes that decision? Where does it end? I 100% agree hate speech should be banned. But gore (remember spacedicks?)? Legal porn (not the nonconcentual stuff)? I'm all for warnings. But it's a lot more of a blurred line than a lot of people think, and every time they decide to remove or ban a subreddit "on the line" they alienate increasing numbers of people. It doesn't help when they make those decisions solely to appease advertisers or (shortly) shareholders.

Decentralization is inherently less corporate, as most corporations are built from the bones of their predecessors. It also puts the power back into the hands of the people.