I'll chirp in since this was my idea....
Some time ago it became apparent to some of us that a lot of really inspired, wise, witty stuff was being buried in an avalanche of the mundane; hence was born the classic posts thread.
Since then though it has become obvious that classic to me or you might not be classic to the other guy, or vice versa. For example quite a few people thought that the pictures of "gems" stolen from Iraq was a classic. To me it was a repetition of the same joke over and over again.
Truth is it could take us a year to come up with a definition of classic and in the meantime the classic thread will become just like any other.
I'm going to get slaughtered for this but I think the classic thread needs a single moderator who can be trusted to recognize quality. If that moderator was me I'd probably delete half of what is in here now and replace it with posts like this (from Imaniou)...
I'd probably fill it with a lot of extreme silliness as well since that is what I happen to like and so do quite a few other people apparently.
Anyway I suppose what it will take to make this thing work is enough commitment to make it an actual forum rather than just a thread and then appoint a moderator. Sandman is probably the best qualified.