It has been my experience (20+ years of sim leagues) that a trade review by a good commish is a MUST for leagues to function properly. I do feel, however, that the trades should seldom be challenged, and for only 2 reasons.
First, new managers are vulnerable in any league, and their trades should be watched so that vets don't prey on them. Secondly, managers have been known to have unwritten agreements by which they take turns stocking each other's teams. This can be a case of loaning players, or even of managers playing in multiple leagues together making uneven deals, then compensating in another league. These are the only reasons I see for a trade veto.
The third possible reason that tades get challenged is purely an imbalance. Managers make bad deals, and I know I hate losing my right to do so. Still, some active managers do work very hard at getting the upper hand, and it does affect other teams in the pennant races. I feel this is just part of the game, but respect the opinion of others who dont want ANY unbalanced deals.
As for other issues, I feel that job #1 should be the inclusion of the equalization factors (real time) described in the manual. Fast starting players get an unfair advantage over their fast finishing counterparts, since they carry their high production stats thru the season. Mike has had several ways in mind to do this, including "streak stats", but a basic season equalization should come first.
This is the best sim anywhere, and we have a businessman who CARES running it. I suggest that we should all strive to make our leagues friendly and active, and to make both Mike and Dwight's jobs easier.