Hard to say...we've had some alters that were good for the board and plenty that were not.
Alters like Cool_page_me, EYEPEE, John Blaze, The Ewwww Brothers, and MG made us all laugh. That's altering done the right way. Although I thought EYEPEE originated as a racist shot at Kakdiesel, but he was still fucking funny as hell and he didn't openly bust on Kak. BiIntensity - funny and much needed. I think that if the alter is poking fun at a member of the board who is a giant tool, let it go as long as it doesn't get to the point where it's just wrong.
A male member of the board creating a female alter - I don't care who it is, give them a warning and then if they continue doing it, go with a suspension and then a ban. And it's not for the reason that a bunch of dudes will feel like idiots for hitting on the alter, but moreso for the fact that we get 10,000 threads giving the female alter attention and then you want to stab your eyes out eventually. Thus far there's been no redeeming quality to a male member creating a female alter.
And like FZ said, let us vote on who's funny and who isn't while keeping their identity secret. Expose the lame alters so we can publically ridicule their creators and make them despised outcasts.