I'm not meaning to offend anyone (certainly not the creators of Stack Overflow), but is it really a good idea to have the general community choose its own moderators?
It would seem to have the same potential weakness that having the asker of a question choose the accepted answer may have—that is the decision is being made by potentially the least qualified person (or people, in this case) to do so.
The current moderators seem well chosen, but has the rapid growth of Stack Overflow made this a more risky endeavor that perhaps it was in the past?
For the record, I have not and will not nominate myself. I know that I don't have the temperament for it.
EDIT: Perhaps this is the way it was from the start, but now I see that only the users with the top 30 reputation scores are being included as nominees.
I think this is an excellent idea. Again, perhaps is was there all along and I just missed it. There are some great lower-rep users, but I think that overall it is for the best.
EDIT 2:
Here's an example of my concern:
Vote Rook for evil!
As a campaign promise I will hand out harsh punishments for minor infractions. Everyone is a criminal and retribution is my duty.
This nomination was received this comment:
if this is not a serious nomination, it is harmful -- it blocks one of the 30 slots available to serious nominees. – Jeff Atwood♦ 11 hours ago
...which was then followed by a comment from the nominee:
@Jeff Atwood♦ or perhaps you dislike dissent. – Rook 10 hours ago
...and Rook's nomination remains. I feel bad for the sincere would be nominee at number 31.
Sometimes the most juvenile posts get the most votes. It'll be interesting to see what happens.