Lest I be accused of beating a dead horse, let me post this.
In my opinion, based on a number of boards I frequent, the boards with the most productive and happy members are invariably the ones with effective but fair moderators.
One forum in particular is The High Road. User morale is high and very few people have complaints about how it is run. Moderators there are likable, fair, and appreciative of members and their contributions to the forum. They routinely go out of their way to help members with the most trifling of problems, yet I have never seen one even come close to griping. Threads that are off topic are simply locked or moved to the appropriate forum with no drama. The only people who are banned are those who truly step out of line. As a result, the members respect the moderators, and the moderators respect the members. This keeps the forum operating at a high level of maturity and with a minimum of fuss or drama.
However, 1911forum seems to be plagued by strife. Moderators frequently ban members for posting in the wrong section, changing the topic of a post, or even daring to question a moderator's judgement. Members of this forum can often be seen relating their poor experience with this board on other forums, where more often than not they are joined by others who have had the same experience. This forum does have a wealth of knowledge, but it is torn by both power-happy moderators and a membership that is constantly under attack. As a result, this forum is often avoided. I, myself, don't post there much simply because I don't always agree with the way it's moderated.
The bottom line is this: moderators, and their techniques, can make or break a forum. Remember that the Internet aids word of mouth, and discontented members invariably post their troubles on other boards, resulting in decreased traffic to said forums. Thus a staff that is overly injust may find itself with a clientele that is more afraid to speak than willing to contribute, and that is never a good thing for a community.
That's my two cents. Feel free to disagree with me.