I think Magna (along with other mods) do a great job. I don't think most realize that its a thankless job - and they're doing this as volunteers, not paid employees. If anything ET needs much more moderation to clean out the idiots and bring the caliber of posting back up.
http://traderx.blogspot.com/2005/07/elite-trader.html
http://traderx.blogspot.com/2005/07/elite-trader.html