I wonder whether HQ feels that if they backtrack on this one, they will have no 'teeth' in the future, and that should they feel the need to ban anyone in future there will be an uprising of support from the ranks?
It's tricky, as the bottom line is that we, as posters, can take it or leave it, really. Yes, we can go elsewhere, but as has been said, there are friendships and allegiances here that have been forged over many years, and descending on a new site will loosen those, as well as disrupting the dynamics there.
Does anyone remember a site owned by a high street store in the noughties? It was a bit like this in that it covered a range of topics, and had long-standing posters, cliques and enmities, friends and foes - all the usual things that go with 'societies' whether online or off.
Anyway, there were spats and fallings out, and something must have happened behind the scenes (financial, I assume - a change of business model or similar), and they recruited an administrator and brought in moderators from the posters, and it was disastrous. The moderators were ill-chosen, untrained, and had conflicts of loyalties galore. There were arbitrary posting rules, including a highly inaccurate and histrionic interpretation of libel law, which were used to suspend, ban and otherwise anger the regular posters. The administrator was way out of his depth and became a figure of fun.
In the end, there was an exodus to other groups, some formed for the purpose and others pre-existing, and the original site moved on with a new demographic who had never known the way it was in the past, so accepted the set-up, and were presumably happy with it. I'm guessing that the advertisers were happier with the new crowd, who seemed to prefer to discuss make-up and other advertised products than to argue with one another, so on the surface at least, all was well.
However. A lot of friendships ended up broken over the moderator behaviour, and I assume that a good few people lost contact with old friends because they were away, or having a break from posting when things blew up. Who knows what became of some of the people left behind, when they seemed to have spent most of their time online and suddenly the site was no more (or not as they knew it, at least).
These things don't happen without casualties, and the site owners/managers don't care at all about the individuals who use the forum (any more than shop owners/managers don't care about the lives of individual customers). So long as the numbers add up, that's all that matters to them, (which is understandable, not a criticism), but I think that when posters see 'their' site as a community it can be difficult to recognise this, and feelings can run very high.
If you have ploughed through all that, congratulations! My point, really, is that it sometimes pays to be careful what you wish for.