One thing that might be good in the mix (both here and in other areas) is some measurement of *successful* moderation actions, ideas including, among other things:

- % of edit reviews where your review agreed with the final decision.
- % of flags helpful.
- % of close votes on questions that were actually closed (and perhaps not reopened).
- % of delete votes on questions that were deleted (and perhaps not undeleted).
- Etc.

I'm not sure how the various components would be weighted among each other and along with reputation (if that's still included), badges, etc. but I feel they are at least *somewhat* decent indicators of how various moderator actions reflect the community's norms. 

Some minimum number of each stat considered here would have to be required, though, to reduce noise.

Also, perhaps only recent (say, within the last year) activity could be considered, as people tend to learn and improve over time (and also this filters out, say, somebody who was very active a few years ago then disappeared).