I've heard various ideas such as limiting it only after mods have expended their points (this will require implementing a cooldown to prevent a user from getting points again too soon). I want to hear your feedback, and I'll roll together something for the next major update of the site. Leave your comments
There's a lot of debate about other issues in here, but I'd like to put the other case - to keep the seperation.
I still think that the seperation of moderation and debate powers provides a useful control against abuse and manipulation of the discussion. It stops the down voting of dissenting opinions in other threads whilst posting yours. I would be sorry to see it go.
While we're a smaller site I think people just have to get used to having smaller scores on posts. There's no reason why a good post *has* to have a score of 5. It's ok for it to have any score that gets it over my viewing threshold, and with fewer comments here I have my threshold set lower than on /.
+1 - Why don't I have mod points?
Consider keeping posting and moderation separate. There is a reason why +1 agree/interesting and -1 disagree/troll should not be available to discussion participants. Ultimately, even with meta-moderation, moderation by participants will discourage differing points of view.
If we just can't keep our hands off the moderation system and want participants to moderate, consider establishing a threshold based on prior moderation - participating moderators cannot moderate anything that has a score of 2 or higher. High karma users could avoid participant-moderation altogether. Having extra moderation for undiscovered posts could outweigh the negatives of having moderators participate.