If it's anything like the forums I moderated (technically still do since they won't change my status), moderators have their own private forum where they discuss issues. This could include a thread that says something like "They're starting to get out of hand in the 41. We need to crack down on things until they bring it back a bit".

There could also be discussions like "I hate that midgetmaestro guy. I wish I could ban him, but he hasn't broken any major rule yet".

edit: I wonder what they really think about me.