Allow me to offer a solution for the security concern: SVN (/ CVS).
Not only would this not force coders to get their code validated by vBorg staff right off the bat, but it would also allow for a wider team of coders working on the same project without the fear of "double feature coding" if you get my meaning.
Also, even if you do get a malicious user who just wants to delete everything, then all youd have to do was Revert to the previous revision, and all the work is restored.
I have yet to work with SVN in a "real" team environment, but I do back my RPG Integration Hack up on SVN, which so far has worked really well. It's also a relief that if I do get offers of development help, it's simply a matter of allowing access to the repository.
At this time I don't have any suggestions for improvement, but when I get home I will review and post comments on the rest of Geek's message