I read your good question, 1norrabdeR. This stream uses the compromise setting between Moderators reviewing everything and reviewing nothing.
Submissions on existing meme templates (like
imgflip.com/i/9hmhbl ) with no vulgarity will most likely get the auto-approval fast lane.
Submissions with vulgarity in the added text, added images, new templates that have never been reviewed before will most likely get pulled into the approval queue for Moderator review.
The current Moderators displayed on the stream homepage are one unpaid representative of the Community (me) and a paid Imgflip Global Moderator. The approval queue for streams created by the site usually get reviewed once or twice a day, it's pretty much always been that way since the beginning of Imgflip.
I'm at the Community's service because it's fun and funny for me. I help out when I can.