I still think the moderators should remain anonymous to all but HTC and the other moderators. We have all seen the "witch hunts" and meltdowns that have happened in the O'club. These people who agree to moderate must have the ability to fly in the game without the fear that they will be hounded for their decisions.
Complaints about moderation could be dealt with through a common email or private forum that would go directly to all moderators, without involving the rest of the community.
Guidlines would have to be established for what tools the moderators would have available to them. I would think that editing posts for rule violations, locking of threads and shuffling of posts to correct forums would be a start. The deleting of entire threads or posts should remain open to HTC staff only, IMHO. Although, I would suggest that the moderators be allowed to recommend in such instances, same for temporary banning.
I can't say that being a moderator would be a particularly rewarding endeavor, however I would be willing to throw my hat in the ring.
Just a couple of constructive thoughts.
cheers,
RTR