It is still helpful overall I think. It's supposed to combat spam only but if you believe someone is abusing self-moderation to censor and/or cover their scammy/shady projects, I believe you can always create a scam accusation/reputation thread.
Just as The Pharmacist said, but I don't have only a suspicion about, I'm pretty sure
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Let's be a bit more realistic here, no OP is going to delete useless posts when those are actually helping his ICO or Altcoin announcement to be on the first page in that section, they all know that if they delete those they lose a lot of bumps and spammers would avoid them, go to others topics and bumps those instead.
Probably less than 0.1% of the authors out there care about quality and not about keeping the topics spammed and alive on the first page.
As for the ever invoked motive of "FUD", there are only a few coins, again some 0..something percent where FUD is not actually reality.
LE
Took me 2 minutes:
Self-moderated topic:
http://archive.fo/fGQQvbrilliant project ,i like this
Amazing nice t project ,i like this
we believe this project has good future
very interesting project
Not that the two liners in the topic were something else...