Well... No, not really. I hate to keep splitting down the middle on these binary polls, but here is what I think. I think the mods have a job, and what they are doing NOW is not entirely the right place for them to be. That is, alerting on a post should be judged by the user-base, not the mods. Banns, suspensions, they should be based on a logical algorithm - number of alerted posts, time between alerts and outcome of jury decisions. The MODs job becomes very different. They move a level UP, more like a appellate court. I could type more, but this seems to fail as a idea for almost everyone when I have tried before.
UtherPenguin: Yes. There's this golden hammer button next to a user's profile picture where, when the mouse goes over it, "BAN" appears. When the mod clicks the button, the user's profile picture gets smashed with the hammer.