Exactly.
More mods wouldn't even necessarily mean a tighter, more controlled site.
Gamefaqs has almost completely destroyed the rank of moderator, making it more of a status symbol than anything else.
For the most part, the mods here do a great job.
A few of them are still a little immature, and have had problems due to that. That immaturity comes from youth, and in general, the mods have done well dispite that issue.
But even in the situations where they did misuse thier station, they did realize that they were at fault, apologized, and then dropped the issue.
Adding moderators is something that must be done slowly and carefully. With the exception of Neko Hime, Cheapy D and defender, they have the most control over how the site runs and the content that appears on it. You need to pick people that you can trust with such responsibility, as not only do you give them such board shaping powers, you also allow them more access to the innerworkings of the site.. which can prove to be a very dangerous thing.
CheapyD will make changes as he sees fit, and when he sees fit.