I think the main issue here is, and always will be, that ToadyOne and ThreeToe will be the only mods (There are a couple exceptions, but they are special cases). I've heard Toady talk about it, and it's actually a good thing. He doesn't have to manage moderators, there's no forum politics, no one even has to begin to worry about checks and balances. That's the other big thing. Any delegation of power has to have some sort of checks and balances to ensure there isn't going to be abuse. I think we can all nominate a handful of people that we're absolutely sure wouldn't abuse their power, but that isn't the point. The checks and balances would still have to exist just to be fair, and then it'll be a headache for Toady.
I think, actually, that the best idea would just tweak a function that's already in place. After a set number of "Report to Moderator" clicks, a tag appears on the thread.
This would be pretty seamless, I believe. First, reporting to moderator doesn't automatically do anything. The userbase isn't spontaneously deleting threads or locking them without Toady's oversight. It also protects against a group of people who just disagree with an OP (if the case were deletion or locking instead). Toady doesn't have to look over new accounts, approve new posts, etc. The community is also helping, which has always been a driving factor for calling for more mods, but it can be accomplished without mods.
This would also be beneficial in that, even if the 'report to moderator' button were spammed, Toady can just ban the spammer and we have one less delinquent running amok. Even in situations where there is a very heated debate and it dissolves into personal arguments, the flag can also deter people from joining the debate (since the trend is for the thread to be locked, and people would probably not want to waste their time).
Once Toady has reviewed the issue, he can erase the tag if there's no problem with it. I'm not actually sure how difficult this would be, but I imagine it to be something pretty useful. No delegation of power, deters views from spam threads, the community is helping out, etc.
That said, from what I gather, it's not really a necessary measure. Getting rid of spammers doesn't affect Toady that much, and the above measures would only help out trying to defeat the source of the problem (That spamthreads on Bay12 generate views) with no guarantees. I just wanted to propose it since I think it's a neat idea and we've already talked about delegation of power multiple times (that I've seen, and I'm a lurker compared to a lot of people on these boards).