Moderators have never been chosen here to be watchdogs, and i'm really puzzled why you see it this way, TCAS.
They are chosen because of their contributions, their skill levels, and most importantly, their communication and people skills.
Just like in real life, with real communities/villages/towns/cities. People come and go, some stay around, staff come and go, some stick around.
Just like in real communities, this site has to keep up to date with whats new and whats old and on the way out. Communities who are not willing to go with the times either die or become irrelevant, we have no plans to die or become irrelevant.
In the end, some people here provide the venue and frontpage content, but it's the members who make the site what it is. Nothing has changed except a change of focus and a name. Any other changes are purely natural, and could be expected to change in real life communities as well.