He is in a tough spot, but thats the life of an editor! He's luckier than most to now be insulated from the pressures of advertisers. That said, I agree with David, it's hard to win.
If it were me (and it's not!), I think just publishing some guidelines would help show and prove that all was fair, for example:
Those might not be perfect, but the idea is to write the rules and stick to them. I'd challenge anyone unhappy with what Steve does to look at it from his perspective as an editor and make suggestions that would help address the problem and serve the community while remembering that RG is bearing the cost of the site plus his salary. Steve's been my friend and business partner for a long time now and I promise you that he is trying to do the best he can to be fair to everyone.