The only thing I can come up with is a compromise, and it's not perfect. Turn it back on for now, but if there's trouble and people start using it to hide their wrongdoings, then off it goes again. Or just make a zero-tolerance rule against it. If someone's found guilty of deleting topics to hide, then to Banville they go for a few months.
Then again, people can still delete separate posts that aren't the topic starter or edit their posts to hide anyway, so i'm not sure what the point is in that context. The only real reason I can see for leaving it off is when people just mass delete things and wipe out posts from other people as was talked about before.