Filtering out the words that UghRochester was initially mentioning isn't going to prevent hateful comments; the filter isn't capable of determining whether those words are being used in a positive or negative manner.
Although I'm not frequently a front pager, my opinion is to wipe curse words from the list while keeping any generally derogatory terms. The filter doesn't delete/censor immediately, but just flags them and sends them for moderator approval, correct? If so, while the filter won't be able to catch all instances of inappropriate comments, slurs and such are much better indicators of tone and intent than curse words.