Pragmatically, the "real moderation" feature is most useful when things are taking a turn for the worse on a board... I don't think many people want to be approving every post.
A very useful enhancement would be to make the feature dependent on a user's security level. So in the board setup, instead of asking "User real moderation Yes/No", it would be "Use real moderation for user under security level ...", with the default being zero.
This way, you could easily assign the default Anonymous security level to be 25 for example, use "real moderation" for "under security level 50", and control boards much much better. Also, if a specific user is misbehaving, you could reduce their security level to 40, and moderate them for a while.
I hope I'm not being clear as mud.