After someone opened this question, a decision was made to open up moderator nominations to individuals who have not been members of the site for at least a year.
What possible benefit does this have besides allowing marginally qualified people to enter the race and clutter it up?
Do we really think that we won't have enough actual qualified candidates? Doubtful.
IMO Yearling was one of the most important requirements. Being around at least a year indicates commitment to the site. It also increases the likelihood that you really understand the SO philosophy (not just the gamification parts).
Part of moderating, indeed a very BIG part, is getting respect from the community. This is earned, not granted because you have a diamond after your name. Building respect takes time.
I see no benefit to allowing newer users to become mods. All it does is crowd an already pretty full field.
Just to clarify the biggest problem, as I see it -
From the moderation election page (emphasis added)
After 7 days, the top 30 nominees, ordered by reputation, advance to the primary phase