I disagree completely with PO8's argument that LWN should censor all the jokes that he finds offensive. Frankly, I found all the whining from the political correctness brigade far more annoying than the one-line joke itself.
That being said, I'd welcome a community moderation system which hides downvoted posts, while allowing people to view them if desired. This can help highlight exceptional posts too. I'm not holding them up as shining examples, but Slashdot, Digg, and Youtube all have systems like this. I'd downvote this whole thread (including the original sexist joke), and certainly the healthcare rant PO8 mentioned too.