What I think I just read is that content moderation is complicated, error-prone, and expensive. So Meta is going to do a lot less of it. They'll let you self-moderate via a new community notes system, similar to what X does. I think this is a big win for Meta, because it means people who care about the content being right will have to engage more with the Meta products to ensure their worldview is correctly represent…
Community Notes is the best thing about Musk's Dumpster fire. The problem with CN right now, though, is that Musk appears to block it on most of his posts, and/or right-wing moderators downvote the notes so they don't appear or disappear.
If what they said about their design is to be believed, political downvoting shouldn't heavily impact them. I wish it was easier to see pending notes on a post though.