It really depends on the size of your forums. When the community is still small, it's a breeze to keep it on track. But, once you have thousands of people and thousands of posts/day, it gets really tough.
I used to mod in 2 HUGE communities back in the day and we had a tiered system:
- mods who would just move posts to a different hidden category (so they had no edit/delete option);
- super-mods who would be able to take over and delete the content going against the guidelines;
- admins (myself in one of the communities) and owner in others who would spam clean, ban members etc.
In most days you'd need just a little pruning, posts to be moved to the right categories or just removed from public view, in others it was almost war and you needed the entire team.
No matter how much we want (even as owners), we cannot be online 24/7, so having good mods is a blessing.