So I hear that Jimmy Wales is working on some kind of bloggers' code of conduct. May I be blunt? My ass. My conduct is limited by the law. If I commit libel, or exalt terrorism, or make threats, or blackmail somebody, or engage in financial fraud or false advertising, I can be taken to court. If I don't break the law, nobody can do anything to me. My conduct is also limited by the standards of readers--that is, the market. If I behave in a way that they don't approve of, they will stop reading. The market is a much more effective regulator than anything Jimmy Wales can think up.
So I don't need some Internet watchdog organization limiting my freedom of speech in any way, and I will not participate in any kind of voluntary rating system.
As far as the comments section goes, if you break the law on it, it's my responsibility as editor and publisher to censor you. I haven't seen anybody break the law yet except for the occasional death threats I get, so I haven't censored anyone but anonymous cowards.