There is a massive difference between a bunch of equal powered mods running the show, and an admin actively wading in on the day to day. By having a bunch of, in general, equal powered mods, there was always an appeal to go through. And since each mod had their own unique take and experiences, they represented a diverse subsection of the board. Having to essentially piss off every mod (Or break a big no, no rule like child porn) to get a ban that won't be overturned or appealed, is a pretty good indication that the board has reached a consensus that you're a shitty poster and you need to go.
Having that consensus though, is an important distinguishing feature between a bunch of mods running things and an Admin weighing in on the day to day. When Req nuked someone, they were gone. Like take Gryeyes for example...I HATED Gry, but his banning just for trolling in Req's little astro thread, was bullshit--considering we had to deal with him forYEARS. But because Req got a bug up his ass and wanted to talk to the plebs for a few days, Gry's normal behavior all of the sudden became ban worthy. Trex is another example of an Admin weighing in when he should stay out, as you said, the rest of the mods condemned her and their consensus on her being a horrible, vacuous, whore should have been able to make a ban stick--but the admin protected her, why? Because he could.
That's what I am leery about. Because while Req may have done that a few times (Trex being the worst and it actually destroyed the community even), it was often a random thing and only if you peed in his cheerios, which he gave warnings to avoid. If an admin though is driven by revenue concerns, or some philosophical "community building" mentality, then this kind of behavior can become ubiquitous very quickly and that would be terrible.
For what it's worth though, I believe you and Draeg. I just hope you guys keep what I said in mind and listen to your mods to get another viewpoint when you're angry. For all his faults, Req not using his power and letting the lower tier of the community (Mods) handle the day to day, was a strength.