This really smacks of a desperate ploy on Microsoft's part that they can now claim they're working on a solution to the staggering amount of misogynistic, racist, and vulgar statements being made on Live. I can't imagine how this would work well, there are many words which sound enough like swear words which would probably be censored, thereby removing the advantage of having live voice communications.
An above poster commented that Microsoft should try to address the core issues as to why Live users are so offensive. I have only experienced PC and Xbox voice communications, but they are light years apart in terms of the respectfulness of the communities. I'm stereotyping a bit here, but in general PC gamers are more about using voice comm for teamwork and Xbox gamers for smack-talk which in the wrong hands ends up as a string of offensive words and racial slurs. (Of course, I know there are exceptions, I've experienced them.)
If I may offer my view on this, a lot of this comes down to the way in which the voice comm is marketed and emphasized. One thing I've noticed is that most PC servers have voice setup so that you can only talk to teammates. The control on people talking out is that if a person starts acting out of line, they can be (usually) quickly and easily booted. This is a feature you really don't see on the Xbox, since Microsoft controls the servers.
On the flip side, Xbox games seem to emphasize the "smack-talk" side of voice comm. Even the official description of the 360 headset on xbox.com promotes the fact that you can trash talk.
I don't know if a PC-like system can be put in place where the players themselves get to remove players from a game on consoles, but where gamers get to regulate themselves in meaningful ways the community tends to treat each other better.
