From a post by grelmar in [webmasterworld.com...]
I am an old time regular contributor to a busy board, which is a small part of a much larger site. Hence the webmaster does not really have much time to act as moderator. The solution she found is ingenious: she has asked (by personal emails) several people to each help her moderate one forum. She is still the only moderator, all we do is notify her of problem postings which she then deals with. None of the posters knows that there is are deputy moderators, and none of us knows the identities of the other deputies.
The webmaster gets notification of dubious posts, and we are not publicly labelled as moderators, so can continue to be "normal" citizens of the community.
The potential downside, for some, may be lack of recognition. I certainly do not need it, and much prefer being shielded from the occasional flame about editorial decisions.