This question will probably get down-voted because it looks like I haven't done any research. Trouble is, having gone through the obvious links on the Site Information, I am none the wiser. I confess I'm a bit of a dunce when it comes to interrogating web sites, but how difficult does this have to be? Where do I find out what this privilege means?
Here's the site tour thing that explains it
It's not 100% of the moderator tools (i.e you don't get the flag handling stuff), but it's a good chunk of what a trusted community member would need to help moderate.