Well the CP is much more than just membership/registration/forum settings.
It has mysql server info as well as options to run sql queries..which if done inappropriately can bork your boards badly. Also I wouldn't want to give full CP access to anyone other than admins (and then ONLY PEOPLE I WOULD TRUST WITHOUT PREJUDICE) because giving them that also allows them to prune posts/users etc. Like Mike pointed out.... I wouldn't give CP access to anyone. The reason for limited access would be if the in-line moderation links did not work and a mod really needed to move/edit a post and couldn't using in-line moderation.
Again, I have never seen a problem where a mod would need CP access to keep track of their assigned forums. This said, I guess it would depend on the size of your board as well.
Dunny
