I think the fact that Weibo included this in their US IPO Document goes to show there are inherent risks involved with investing in their company. I also think it's an interesting sign by a Chinese web behemoth to want to break out of China. Even though they do conform to the Chinese laws and censor posts that fit any of the mentioned categories, it still seems almost revolutionary for them to want to ask for money from a country who prides themselves on their freedom of speech. I also don't think your average American would support their platform based on the fact that China does censor their citizens to so much information. It just isn't something Americans can wrap their head around and I feel most view it as a negative and backwards practice.
I agree, we cannot fully understand the implications of the censorship of information by the Chinese government and the extent to which they are monitored. From personal travels to China, I know that satellite dishes are illegal, to protect against Western influence, and that the Chinese do not have access to social media, like Facebook. It is imperative that Weibo to be investigating and concerned with the workings of the company.