There are many chilis that have amazing flavors but are so hot that it is hard for most of us to appreciate them. Beyond the standard suggestion to discard the seeds and cut away the ribs, are there any other methods that can lower the capsaicin level while retaining the other flavors?  This was asked on Dave Arnold's Cooking Issues podcast, and I'm not sure they landed on a solid answer.  EDIT: I'm looking for something that might cut the perceived heat by like 90% or even 100%, not just make it slightly milder. Something that completely neutralizes the capsaicin, not simply buffers it on your palate. (Starting a bounty). 
In Indian cooking we usually add Ghee (Clarified butter) to reduce the heat of a chili pepper. Most Indian dishes, we would add a good heaping spoon of ghee before feeding little ones. This helps temper the heat but keeps the flavors alive so that the children get used to them and can gradually learn to eat hotter foods. 