I always seen it as moderate. I believe it was EMFM (or Husar? One of the German posters anyway) were saying about 'Crippling Reperations' which totalled in real-terms to 2% GDP during that time-period, so only little skim off the cream.
The worst part of the treaty, was that the German government purposely signed the armistice before the allies over-ran Berlin, so the perception of the Germans at the time were "Why are we surrendering? They not laid a foot in Germany yet!". Perhaps allowing the allies to overrun Germany would change perception.
Also, France's idea of obliterating Germany always gets forgotten.
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