Should we have some policy on what a module should do or not?

See http://willy.boerland.com/myblog/drupal_free_porn and some discusion on the infra ml. I only want to address here the question if we should have a policy on what a module can do or not. I am rather liberal and so is the GPL in this case, but we are hosted in the USA and as a community we have moral standards as well. I am against all forms of censorship but will not like to see kkk.module bash_girls.module or killthehomos.module or so.

Do we need some guidelines?