Yishan [ "Not our problem" ] -> Pao [ "Remove" ] -> Spez [ "Hide"]
That seems to the be evolution at the moment, and honestly, I think "Hide" is the right answer. People have a right to avoid content that offends them.
Voat's problem [honestly] is as drama-filled as this transition has been...Voat really isn't offering anything other than "Reddit with more transparency". Assuming Spez doesn't screw this up, I'm not seeing how Voat.co will benefit.
As for vagueness, I'm not surprised...its like the legal definition of Obscenity or Pornography, its a community-tested definition based on social norms. You can't really quantify it the way you can numbers on a spreadsheet or "Marijuana is illegal".
As long as Spez is transparent, communicates effectively, and doesn't come across as arbitrary I think it'll work out fine.