My two cents.
Like Roy said, Mods, including myself, all pretty much have our 9-5 jobs, and read and moderate this board on the side. It's not like we're paid staff, and in that sense we're no different then any other poster here. We're just a bunch of imperfect human beings that make decisions on a subjective basis who happen to be die hard Celtic fans. The only difference is that we have been recruited to help moderate this board. I don't think any of us are on a power trip about it, but we all love this board and want the conversation to go smoothly.
Many posters here don't have a big issue with how threads are moderated. Some do. That's the nature of having such a large community. We're never going to be able to please anyone. I know for a fact that if this site was as loosely moderated as the Real GM board, I would not post here. If posts like "KG tears an ACL" were all over the place, I'd stop coming here altogether.
You should also consider the fact that over the past month or so, the number of new members have jumped quite a bit. This means more and more threads are being started every day. Every time I log on, there are 5 new threads. That's a lot to keep an eye on. There's 10 threads being started on the same topic, new posters coming in every day, etc. Yes, we make mistakes, yes many of our decisions are subjective. That's human nature.
Ultimately, the level of moderation on this board encourages respectful and intelligent conversation, which is what I personally am after.