First off, as an admin, this will only add unnecessary work and make me hated more among the community. The only necessary "chat censorship" that needs to be, and actually already is in effect, is for things that get out of hand, such as racism, personal harassment & chat spam on a larger scale. I'm not here to slap you on the wrist for saying a naughty word!
We have the tools to deal with language misuse as well, but that includes what I listed above, not for someone typing out the "F word", and it just not our job to be stopping people from doing so. The closest thing that could be implemented would be an optional "chat filter" but to be honest, that would be a lot of pointless programming time that could be better spent doing other things.
As a player, I don't find it all that offensive and I like the choice that I have between being a raging twelve year old f'ing and blinding left, right and center or writing a half decent coherent sentence. As I say with my admin views, as long as you're not going out of your way to be a twat towards me, you're in the green.
There are labels on boxes, in game messages and all sorts with any type of game that says "We do not accept responsibility for what happens online and the ratings may change and do not apply to online game play" - That says something about games developers and the relationship they have with allowing people to chat amongst each other.
But at the end of the day, there are built in options for people to mute others they find too rude, it's just times when I wish I could local mute someone because they're annoying me but technically do not break any rules, therefore not warranting a global mute.