Registration mode: open or application?

As I'm sure most of you noticed, you had to fill in an application to participate here.

While this can be pretty useful from a quality perspective, it is also a significantly barrier to entry; obviously you have to fill in said application, wait to be approved, and then have a sufficient level of interest to return and participate.

Lower barriers of entry can help engagement, but can also harm communities with bad actors gaining easy access.

Anyone have any opinions?