Unapproved posts resemble deleted posts - they are supposed to be hidden. Moderators can, on a per-user basis, force all posts from an user to go unapproved before going live on the website. In the recent updates (I think), LCPDFR has introduced new-users moderation, which means that before reaching a set number of criteria, a user's posts will never show directly - a moderator needs to approve the post beforehand.
So guess what, this feature was always present! You were unaware of it because you are not under moderation, and you are not a moderator, meaning unapproved posts do not show to you.
My image shows something that we, members, should not see.
Hope this clears it out.