I'd also like to document a news site/comment moderation system that I've been thinking about for a
very long time. I'll only paint the broad picture since really, I haven't given it much thought. I credit this
discussion from long ago on
kuro5hin for inspiration. (Some of "my" ideas may be blatant rips too... so I give credit where credit is due.

)
Since moderation systems tend to get gamed... why not just turn it into a game? The site would revolve around fictitious money. I was thinking of having certain actions (like submitting a story or posting a comment) cost money. Not only that, but it would be like an investment. Highly rated comments or active stories would yield profit for the originator. Comments that are universally rated down or stories marked as spam would end up with all or most of the initial investment lost.
It works for people doing moderation/rating as well. For example, it would cost a small amount of money to rate a comment. When you rate a comment, you are basically saying: "I am betting that the average rating of this comment will be X" After some amount of time, an amount of money would be returned to you based on how close you were to the "actual" rating.
It would be a dynamic system. The cost of submitting a story, leaving a comment, rating, etc. would all be variables. As would things such as the return factor for positively-rated stories/comments. It would be adjusted (preferably automatically) to keep the economy adequately sized vs. the number of active users as well as encourage users to say, post more stories under a specific topic.
"New user inflation" (where the economy explodes due to a large influx of new users who get a starting balance) can be combated by transforming the site into something akin to a social network or an invite-only service. Basically, new users start out with a 0 balance and they are given loans, with interest, from existing users. The system enforces the loans by automatically paying it back in installments. (Though what to do with a deadbeat user...?)
Anyhow, the goal of the entire system, ultimately, would be to deter spamming and gaming by the use of multiple accounts. The system can be controlled, albeit indirectly, by setting various prices and rates.