Trying to move things back in the general direction of the OP....
I think the current level of moderation is just fine. I've personally has exactly ONE post editted by a moderator, in the long-locked Cozumel bounce diving mess thread. In it, I pointed out (as 1-2 lines of a fairly long article) that the poster to whom I was responding had a long and inglorious history of posting insensitive and ill-considered posts which all served a very clear personal agenda. As part of a HUGE clean up in that mess, that 1-2 line comment was removed. I didn't agree with the action, and I told the mod so. But I'm under no obligation to agree with every choice the mods make, just as they're under no obligation to give a rats backside about my opinion of their choices.
I have the impression that the trend is "if in doubt, do nothing" which seems entirely reasonabe.