JMRD

Said someone who clearly never had an Abmahnung ? Take Facebook for example: all bad press aside, FB reacted accordingly. Even a Lithuanian hosting company I do business with has responded with preemptive solutions. As well as every other company I do business with. All but one: IPS. The law is known since 2016 - we're in 2018 and theres not even a data processing agreement.
I do realize "lets see and react" is very american, but that does not help me or even pays my legal fees.
Using your resources right is very much appreciated. But don't you feel that you should assist your EU customers and provide solutions instead of a legal uncertainty? I do not expect that the check-box thingy for contact forms will emerge as the way to do things in the long run - but after this has been decided by the highest courts over here YEARS will pass. And hundreds of thousands of euros will be spent in order to reach this. I do not have 100k lying around nor the time. All while you are in risk of getting those cease and desist letters on a daily basis.
And since even government-run websites implement checkboxes these days - i'd like to be better safe than sorry.
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On the subject of deletion. 
Does 4.3.3 fix the issue with quotes and edits present in earlier versions?
Example:
A user named Anton posts something, he later edits the post (it now contains 'Edited by Anton' in the bottom),
a second user named Bertha quotes Anton's post and gets a post which contains "2 hours ago, Anton said:" 
Anton now wants to be deleted. His account is now called 'Guest' and the content stays. How is the "edited by Anton" in the bottom of the first post, and the "2 hours ago, Anton said:" in Bertha's post handled? 
Both clearly identifies Anton as Anton as should (according to our legal counseling) be removed to be compliant.
Is the option to "delete and rename" available through the API? 
 
 

I will surely see some trolling by users reporting stuff over and over, and probably some very thin-skinned users being offended by everything. 
Is there a way to ignore/disregard all reports made by certain users, or users in certain (to them invisible) groups? 

I will surely see some trolling by users reporting stuff over and over, and probably some very thin-skinned users being offended by everything. 
Is there a way to ignore/disregard all reports made by certain users, or users in certain (to them invisible) groups? 

You can disable reporting at a group level.

I too really appreciate this blog post and the concerted efforts you have taken in introducing tools and links to relevant information help us with GDPR compliance in 4.2.7.  I chose the community software as it is top class and actively enhanced, has professional support and takes security seriously. Now it benefits from support for first rate privacy and data protection tools to the list.
 
GDPR is I believe a much needed step forward for privacy and the assertion that individuals own the rights to their data is increasingly vital in this age of social media and big data analysis. I hope and believe GDPR may well become the de facto world privacy standard and should not be feared but embraced to provide true transparency and protection to our community members in the best way.
One area as highlighted also by the @The Old Man that may still need to be addressed  in relation to the right to be informed and a subjects access requests. I am not concerned particularly about content such as posts, articles, blogs etc however member data, store customer data and to IP & device data is collected and is accessible and there needs to be a mechanism to provide this data in response to subject access requests in an easily readable electronic form.  This data is accessible via the ACP but it is not easily captured or exported e.g. in CSV or PDF, the only real method currently is screen capture which is laborious.
 
 

I think it's important to understand that really GDPR is about protecting and using data responsibly. My impression is that there isn't a draconian organisation ready to swoop and punish people who are acting responsibly.

I certainly wouldn't fear it. Just review the information out there. Make some notes. Use 4.2.7 to help with your compliance checks.
A great resource is the ICO website. It has some great tips about want to put in a privacy policy - check it out here.
I can't give out "legal" advice here because I am not an expert, but I do want to help where I can.