I’d use the ‘previously approved’ feature although I see this as becoming a headache with many users in the future.
I’m looking to satisify both control as well as simplicity; I would rather not moderate comments from users unless that user has done something to require moderation. I’d much rather moderate their inital user registration request one time (ie. setting them from 0 to 1), then allow them work at will.
Note that my web log will be religion-based which tends to spark a lot of controversy, and keeping the comments acceptable is absolutely necessary for the health of the forum.