There's nothing fun about being a mod.
You have to enforce some 'rules of conduct' and constantly guide conversations into a civilized one.
As mod you work as a mediator preventing discussions from escalating into flaming and trolling.... constantly correct the retards when they cross the verbal line... constantly point out the correct and wrong aproach to bring their point across, and chill a heated conversation... You must keep a lose atmosphere where people can joke around and be themselves, yet keep a clear line about what is and isn't tollerated.
The hardest task is to keep a pleasant enviroment for people with all different opinions. You want to create an enviroment where they can speak their mind, even if those opinions are dumb. You should protect that person from getting burried under the communities 'wrath' when it happens. Because Sht gets personal real fast and that's not what you like to see as a mod. Here on the internet you get flamed for every mistake, for every different opinion that doesn't match the majority. You are there to keep it civil.
Your actions you must also always be impartial as a representative of the company. Clearly distinct your personal opinion from a politically correct one. This doesn't mean you can't have a mind of your own (and speak it), but in your aproach you must make the difference clear and still let the person feel entitled to their own.
You also suddenly have to read through all the boring crap that gets posted (including guildsections and rival wars). Lame insults about who is better then who etc. Keep an eye out on things you really don't care about.
Man this brings back memories.
If you think managing Alteil Forums is hard, try an active community of a competitive PvP MMORPG.