>Which is better?
False dichotomy. How about having moderation that operates off of a flexible (and public, and non subjective) set of rules?
/r/programming sucks because of the lack of moderation. Stack* sucks because of heavy handed moderation.
Which is better? I don't know. I personally haven't used either one in a while, because they don't seem to work well if you're not using a mainstream programming language. Google still wins for me here, since the right answer is very frequently on some random person's blog.