I fear the end swiftly approaches.
Personally I think the decline will be a long and protracted affair.
There's something of a parallel between the current situation in which t2w finds itself and Nero fiddling whilst Rome burned. I think its now widely believed that Nero didn't actually play the violin, but he was almost certainly responsible for starting the fires as he wanted to make room to build a new palace. We have similar destruction to content to make way for a new and improved t2w, but little visible progress towards that goal, nor even any concrete proposals as to how this might be achieved.
I could understand and even support the action if the situation was such that lulzy threads where damaging the sites reputation, and distracting from quality content. The problem is, the closest thing to trading related content is being generated in those particular threads, and unfortunately, in many cases the baby is being thrown out with the bath water. The only other content being generated recently has been gratuitous spam, or vendor sponsored articles of dubious quality (albeit slightly better than some we've seen in the past)
Someone is going to have to take the lead in improving content. I would argue you cant do that just by deleting quality lulz and banter, which is quite clearly enjoyed by many, and leaving bland uninteresting spam. It destroys what little sense of community the site retains. It was a bad call, and unless Steve can justify that call, in my opinion at least, his integrity, and t2w will suffer.
If you have to remove content that you believe is offensive at least try to replace the gap with an alternative, and an example of the type of content that you'd like to see. You need to set an example, and the lack of clear leadership and direction is at least partially responsible for the vacuum, which gets filled with lulz, and lulz begets lulz etc.
Whilst I appreciate that the management team might want to play their cards close to their chest until 100% in a position to deliver on promises, surely some communication that things are on track and going to plan is required ?