The Control Panel in 7.x has an option in the Moderator Settings (CP -> Moderator Settings -> Moderator Permissions) which allows you to customize your moderator permissions on a user by user basis.

The available options are as follows:
Is Moderator (are they a moderator?)
Moderated Forums (how many forums do they moderate? (this is a set field and is not an option as it tallies the forums they're set to moderate))
Lock Topics (Can they lock topics?)
Move Topics (Can they move posts to other forums?)
Delete Posts (Can they delete posts?)
Stick Topics (Can they sticky topics?)
Approve Posts (Can they approve posts to moderated forums?)
Edit Posts (Can they edit posts of users?)
Edit Users (Can they edit user profiles?)