I just noticed that on one of my sites, I've posted 41 answers, and one particular moderator has made 15 edits across seven of those answers. None of the edits are for the usual stuff (e.g., spelling errors, formatting mistakes, tags, etc) - they all seem to be aimed at making the posts shorter in length by moving text around and fiddling with the placement of pictures. Some of the edits are harmless and don't change the substance of the answer in a material way, but others are destructive and clearly aren't what I had in mind while I was writing the answer.
This moderator has made ~8,000 edits total, and about 1,500 edits over the past 5 months.
I reread "A Theory of Moderation" to get a handle of the general functions of moderators:
Moderator votes are binding. Any place we have voting -- close, open, delete, undelete, offensive, migration, etc -- that vote will reach the threshold and take effect immediately if a single moderator casts a vote.
Moderators can lock posts. Locked posts cannot be voted on or changed in any way.
Moderators can protect questions. Protected questions only allow answers by users with more than 10 reputation.
Moderators can see more data in the system, including vote statistics (but not 'who voted for this post') and user profile information.
Moderators can place users in timed suspension, and delete users if necessary.
Moderators can perform large-scale maintenance actions such as merging questions and tags, tag synonym approvals, and so forth.
Nothing in the blog post says anything about making questions and answers suit the moderator's aesthetic tastes. In fact, the summary seems to suggest that doing so is not the purview of "the ideal moderator":
The ideal moderator does as little as possible. But those little actions may be powerful and highly concentrated. Judiciously limiting your use of moderator powers to selectively prune and guide the community -- now that's the true art of moderation.