Since I am no longer a moderator, I feel like I can speak with some degree of freedom.

I decided to resign as a moderator when I got tired of my e-mail being flooded by folks using the "report post" function to ask me to change the title of someone elses post (to make it more clear/concise), to complain about things being slightly off-topic, or to tell me they thought someone could have stated their position in a slightly nicer way. Or to spend every ten minutes policing the forums for any post that appeared to be off-topic - even if that off-topic post wasn't causing any problems during the two or three hours I happened to be on a flight or sleeping or whatever. I would log on FT and spend ten minutes reading private messages about moderation (or the lack thereof) before I could ever get to the forums I actually moderated.

Honestly, I liked being a moderator - mainly because I rarely changed anything. Very little on the forums I had needed to be heavily monitored... but trust me, there are members out there who want to play grammar/decorum/nitpick police and I would wager that most moderators spend more time dealing with this small handful of folks (three or four "well meaning" folks, in my case) by private e-mail or private message than they spend actually touching a single post on FT.