I would like the ability to edit and/or delete ALL the posts in a thread at once. Once you select "edit" as a moderator (or higher), the whole thread could be listed with a delete radio button next to each along with editable SUBJECT and TEXT.
On my site anyway, what starts off as very useful information can quickly degenerate into quibbling. In the current format, with the lag time over the web (via DSL). It can take 10 minutes just to clean up a single post. Since the site gets hundreds of posts, and don't have unlimited time, the result is that alot of posts don't get cleaned up, and the quality of the board suffers.
-em