Yes, that's true. I guess I'm looking for a compromise that (a) reduces the amount of moderator intervention, and (b) decreases delays for new members. It's a subtle distinction I agree but it's a distinction that's worked splendidly for me for almost ten years on phpBB 2x on a site that exists for posting links.
So I guess a related question would be about the ability to turn off moderator approval for new member posts.
Anyway, I have a couple more questions related to this issue but I need to learn a bit more about groups before I can ask them.