I have no dog in this fight, but I want to explain the reason people say the moderation has a direct effect on their game experience. It's simple: It's fear.
If a players sees stuff like the linked images happening frequently, they cannot feel secure playing the game. Whether or not the fear is fully justified by raw statistics (i.e. actual percentage of people who get banned for really dumb nonsense), is irrelevant - it's fear! A deep emotional response.
A player will simply be too worried that their account will be taken away for a whim or dumb error to really commit themselves themselves to playing it or buying it. Moreover, overmoderation is one thing, but wildly unpredictable overmoderation is orders of magnitude worse. If the admins just have a heavy hand, you can usually just shut up and be "good" but if a player has no reasonable way to anticipate moderator responses, well, that's enough to make people go cracky. Who cares if the graphics are great or the game physics engine is smooth or the dialogue is funny if at any time you might randomly be out however much money you've spent?
If people want to play games where they can lose their wallets on the roll of someone else's die, they'll go to a casino.
EDIT: While you were ... LYRAI.