Fate-is-one-edge: That is a lie.
Depends on the forum and what is being posted.
When I posted my negative review about CS:GO I got banned for advertising after two (2) hours.
Steam is policed enough to censor anything that falls outside its favor, while the most visited forums are consisted mostly of trolls, harassers, underage kids and mentally handicapped individuals.
Kelefane: How long ago was that then? Because these days flame war threads stay unmoderated almost indefinitely.
It was three (3) months ago, and as far as I know it's the same up to this day.
Popular forums are flooded by flame wars, as you mentioned, but because of their frequent traffic they end up being moderated. For example Valve, Ubisoft and Activision games' related forums are "policed", and intervention is imminent if enough people report a post.
What I take issue with, is that even if there seems to be moderation, it is focused towards certain individuals and situations, thus you won't see flame wars be defused, rather posters be banned for posting unpopular opinions (thus get vengefully reported by dozens of users, and get banned to retain peace) and people who blatantly insult other users, disagree with moderators (yes, you are not allowed to disagree with them and posting about it is a bannable offense). Rules are shamelessly manipulated, in a regular basis, to provide a bannable reason, even if there is none, as long as there is a need/preference for your posted content to be removed.
I remember when I posted in a game's Steam forum about the GOG.com winter sale discounted price, ahead of the Steam sale. I just wanted to help people buy the game cheaper before Christmas. Within the hour, the company's community manager, moderating the forum, deleted my post with the deletion cause being "advertisement" (I guess he doesn't want to sell on GOG.com). After that I participated in discussions related to the game's design and mechanics, and the majority of my posts were deleted afterwards as being "advertisement", while there was none to be found by a sane man, clearly indicating I was a "persona non grata" on that forum, "owned" by that biggot.
The so called flame wars can keep going as long as no one is emotionally or intellectually hurt. It has been as such since the beginning. Steam forums are a cesspit and run by a mentally challenged mob mafia, consisted of both users and moderators.