Compared to other communities where admins/mods delete users' comments to a much higher frequency relative to Reddit and freely edit or move unfitting submissions & comments, I've always felt the lack of moderation on Reddit for the most part has been the reason for attracting trolls and users making hateful comments.
And the thing is, Reddit looks to be a very hard place to moderate as large number of Redditors seem to become very mad when heavy moderation happens (seeing from the large # of "I thought this site was all about freedom of speech"-type comments when r/jailbait got banned few months back).
When the lack of moderation attracts all those characters who post "shit", filtering via voting just becomes useless as you mention in your other comment.
If I were in control of Reddit for a day, I'd create a "How to Build Community" packet for to give to new moderators. Often they're just promoted for being good members of the community - but that doesn't mean they know how to run or grow a good one.
The other aspect is that voting systems are groupthink systems. Once the userbase gets large enough, the moderation system does not function in a way that encourages debate or questions common assumptions. It seems to be a terminal problem, which nobody knows how to fix except to escape to smaller fora.
There's a huge range in how hands-on moderators are, and it varies dramatically by subreddit. Some subreddits are notoriously draconian; others permit pretty much anything. I don't think it's possible to make a statement about moderation on reddit overall, across subreddits.