Moderating internet forums: What’s smart, not what’s new

I am interested in finding out if it is a lot of work to moderate this public forum. How many people moderate the forum? Who moderates the forum?

Do people have experience moderating web forums? Are there any known procedures for doing so? What is the best way to moderate a forum so that information seems accurate and truthful? At what point does moderating a forum become a misrepresentation of the information sent?

Your feedback is appreciated.