It's pretty much guaranteed that any system with a privileged regulator (moderator, editor, whatever) class will bog down in the long run. The basic problem is that regulators get credit (however that gets measured in a particular community) when they regulate, not when they leave things alone or reduce the amount of regulation. Thus there's an incentive for regulation to increase even when it may not be needed, and indeed even when it is counterproductive.

There have been a couple of suggestions in science fiction that would be interesting to see someone try. Heinlein suggested a special branch of government whose purpose was to repeal laws and regulations promulgated by the other branches. Frank Herbert went to an even greater extreme, by having an quasi-official "Bureau of Sabotage".

Perhaps online communities should have a separate group charged with reversing the decisions of editors/moderators/whatever they're called, with no discussion or appeal permitted.