I've seen a lot of moderators here (and a lot who are not). Are they all truly moderators of this board? Or is everyone a moderator?
What's going on?
Before the Moderators Pro Tempore are appointed (shortly after you reach public beta), everyone you see with the diamond symbol next to his/her nickname is an employee of Stack Exchange, Inc.. Our Community Team, and to a lesser extent some other Stack employees, moderate private betas to help the community grok our format and create a successful site.
This is your site, and will be run by community members very soon. However, in the mean time please learn from our experience -- we've seen a lot of SE sites succeed, and a few fail -- there's every reason to follow the examples of our successes, and avoid the pitfalls of our failures.
The diamond moderators currently present are Stackexchange employees. Namely of the Community Coordinator team.
In a few weeks they will choose some users (typically 3) to become the pro-tem moderators of our community until we get out of the beta stage. At that time we will hold moderator elections.
However, Stackexchange is edited primarily by the community, we are the ones responsible for the success of this site. We should be proactive as a community in editing and guiding questions onto the right track. We have close votes, we have limited edit privileges and we should be taking advantage of those. This will help the community coordinator team be able to manage or site and overall make it a better place to participate.