I don't really think we need mods as such. I think a lighthanded system worked much better. But it isn't lighthanded any more, possibly because a lot of people are reporting posts that wouldn't have been reported years ago.
I suggested many moons ago (and so did others) that night-time trolling could be dealt with by an automatic thread-stop (or even thread-hide) of any thread that had more than a certain number of unique reports. So if an op is reported by, say ten different poster, it should be frozen or hidden until morning.
The real problem is what you can and can't post. So the last time this came up Justine specifically said that it was ok to say "your post makes you sound like an arse, and here's why", but in fact posts like that are deleted every day.
Realistically, what is happening atm is that pretty much any post that is reported is deleted, even if it is saying "your post makes you sound .....", not just direct personal attacks.
What isn't deleted is the disingenuous "poor me" post types from posters who are deliberately trying to wind other people up, and then reporting their responses.
AF losing her temper and being banned is an example of this type of thing - if someone is deliberately trying to wind up a single poster, has been here a long time so knows what will upset that poster, and goes on and on and on (sometimes under different names), eventually the poster will say "ffs, fuck off you wanker" and get deleted.
It is very hard to stay "the right side of the guidelines" under provocation, especially when the guidelines appear to be a little, erm, flexible applied differently by different hq-ers