The losses are major: The community could prevent speech that they deem offensive, which is an violation of free speech in general, (especially since people often consider differing viewpoints "offensive" and would edit them out) and people would not have their comments represented as written, which makes the discussion difficult to follow at best and pointless at worst.
Jan-Paul Köster already pointed out to you that you have not shown that this would actually happen enough to be a significant problem. Moreover, I would like to add that you can go to any Talk page right now and verify (pardon me, falsify) your theory.
Timwi