I've noticed (linked on in other closed threads) that people have been saying this. In fact, to quote one post I'd like to pick apart:
It allows for others that won't gain reputation as quickly not to fall behind. Also considering that the reputation is based on how much you are trusted, it avoids having users gain ability without them having spent some time on the site to understand how it works. I would not want someone who has been on the site for 2 days to suddenly have the ability to close questions, or edit my posts, if he hasn't had time to understand the nature of the sites. source
I see a few things wrong with this, but right from the start I'll have to point out that I can close questions and edit posts, but not in the way he probably means (outright close posts / edit without queues). Even so, I don't think the moderation queue teaches people when and how to moderate the site, it's something they have to learn on their own; with their edits being downvoted.
This can happen in days, weeks, or not happen ever (in the case of some antiquated threads I've seen laying about.) So knowing this, would you say that the above quoted logic still stands as the rationale behind this limit?