As I've noted here, I think MSO could use a little more moderation. The SO mods are extremely busy as we all know, and currently they have to deal with SO plus SO's meta questions plus all of SE's meta questions. The SE employees obviously help out a lot here but I think it would be beneficial for SO if the SO mods didn't have to do quite so much for "MSE", and beneficial for MSO if the SE mods were able to do more here.
This is all moot if MSO is eventually split, but until and unless that happens I think this would be a useful measure. A nice side effect would be seeing the diamonds next to the names of mods from other SE sites — that way I know when someone's position on an issue might reflect how things are actually being done on the network, without them needing to say so explicitly every single time. Unfortunately I don't have the list of all 200+ mods memorized :P