It can be a tricky proposition because if you pick someone, it has to be someone you can trust to make the right choices when something comes up and the person who is chosen to be a moderator has to trust in the administration to back them up.
(two way street there)
When you start playing with a members post chances are that it's going to be for something that shouldn't have been posted or vulgarity or something to that effect and the first thing you'll here will be there protest that their right to free speech is being curtailed as we've seen happen here on occasion.
Now remember and this is where a moderators job becomes fun because not only is he deciding what to do about this post but he also has to decide whether or not to delete posts from well-meaning folks which have the unintended effect of encouraging the OP.
Being a moderator isn't a fun and it's all about making the right choices. Ask yourself a question who would you like to see become a forum moderator here, my personal belief is someone like say KennyV would be good, but Kenny is what I would call a high ranking respected member here with a good reputation and to take the job of moderator could possibly destroy that reputation. So who do you pick, believe me I can see Muhammed problem.