I agree with those who say to keep it as it's the only way to know who to not do business with. However that being said, I think there should be a clear cut guideline that breaks down what is and isn't allowed. For example, if you want to post a PSA you need to have clear evidence. No more of these posts that are strictly hearsay. There needs to be very clear and hard facts. Paypal receipts and chargeback screenshots.
Perhaps building a template in which people are to format their PSA's would also be very helpful. I know the Livejournal account has a template.
WHO:
WHERE: List business related websites only.
WHAT: Was it traditional art, digital art, sculpture, fursuit, jewelry, etc.?
WHEN: Start date of transaction to current.
EXPLAIN: Tell only your side here. Do not include other clients having issues. Be clear, concise, and no overly hostile text or name calling. Please include screencaps of proof as you go, or number claims where relevant. Start from the beginning until now.
PROOF: No copy pasted text will be accepted. Screencaps only. Ensure all real life names, email addresses, and unrelated third parties are censored. Please leave out unrelated chit-chat.
Do not insert images directly into your post. Link to them only.
Another thing the LJ does that is pretty nice is "We do not accept group posts or group warning posts. Please make individual posts." This I know would end up cluttering the forum, but at the same time people will have different negative interactions with perhaps the same people, but it would make editing posts easier. I noticed some of the large PSA, with more than one person, some information is wrong but it takes forever to edit / fix and it becomes a mess.
I don't believe getting rid of the Service Reviews is a good thing, because a lot of these posts are very helpful and well warranted and needed. I feel there needs to be a stricter guideline and must haves. Another idea is locking comments all together and having admin approve comments based on their content. This will help de-clutter the forum with unnecessary "WOW I WONT BE COMMISSIONING THEM." posts and allowing people to show their own proof of, yes this actually happened. Which would be a tad different than group PSAs as it's just someone adding additional proof without it being a group PSA in which only one person has access to editing.