Kaj_Sotala comments on What is moral foundation theory good for? - Less Wrong
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I only glanced at the article, but from the book, it's obvious that (2) is correct. Near the end, Haidt recounts that after he had developed moral foundations theory, he thought that it explained conservative morality. But he still thought that conservatives were the enemy, and that judging by liberal moral foundations (which he shared), they were in the wrong. However, he was eventually shocked to run into convincing conservative intellectuals who sought to show that conservative policies would turn out as the best ones, even if they were judged using liberal criteria.
He is also explicit about conservative policies still having lots of bad sides if taken to an extreme, for all the usual reasons liberals disagree with conservative policies.
Excerpts: