Being a mod also has UPs. You look at moderation like it's a bad thing, and that you have to be a hard ass with no opinion, who's only job is to sit there and make sure everyone else places nice. Your personification of it can be whatever you want, but you should try and look at it from both sides, you know like an impartial moderator should.
As a moderator, you are doing the community a favour by offering YOUR services to assist in the maintaining of this site, or for the sake of the argument, any site. It comes with little reward, yes, but the feeling you get for knowing you do a good job (If you do a good job) is more than enough of a reward for a good moderator.
If your a mod for self gratification. Quit now. They never make the best mods.
Yes, your doing the community a favor. Read the last line of my post.
EDIT2: Actually it does have a up. You have new viewers looking up to you.
Other than self gratification. There are no 'personal' perks. You do it for a community. Does that help you? No.
If I hate being a mod so much. Why Am I trying to show a basic guideline as to what a good mod is? I'm not saying. Be a jerkoff to everyone.
"Your post is trollish. That's your 3rd warning. Goodbye."
"Your post is personally attacking someone. Goodbye."
"Your post upset me. Goodbye."
That's a BAD mod. VERY bad. However.
"Look dude, dont be telling people to go kill themselves with scissors." And that is it. That is well... Just as bad.