It all depends on the type of community you are running. If you're running a general audience site (targeting all age groups) you better use the censors for vulgar and obscene words. On the other hand if you're running a gaming forum about Grand Theft Auto 3, for example, you can pretty much forget about censoring anything as it fits the audience and you'll loose all your members.
Nonetheless, it is my opinion that every community should be censoring racial slurs and epithets.
I have a very extensive censor list of multilingual vulgar and racial epithets if anyone needs a copy. Just e-mail me at steve at holodeckcorp dot com and use "Censor List" as your subject please.
