I'll chime in with my opinion, since I seem to do so often lately.
I agree with Sphen001 and infolock that there are enough moderators, and they are effective enough that we generally don't have issues.
I visit often and post often because this site gives me what few others can: A easy-to-navigate forum with intelligent people giving accurate answers. Since I got here, that hasn't changed!
I was lucky enough to be chosen for the tutorials group after I wrote a somewhat-useful tutorial, and I've felt like this site was home since.
I've butted heads a few times with some mod's, I've gone too far, and seen others go too far. But through it all, the current system worked: I always felt that there was at least one moderator that truly welcomed me to stay, so I worked at doing just that.
Thanks to that, I now respect all of the mods deeply. I'm saying so for a reason: Few people will be able to live up to that standard.
If/when new members are needed or chosen, I hope they will be of a similar class. Until then, I recognize that the community needs frequent posters who arent neccesarily moderators, but that still care about the community.
Too many cooks in the kitchen would ruin the soup, and the soup tastes great.