The first is that a lot of the moderation is done algorithmically. Things like "flamewar detector" cool down stories that look like they are getting too many comments.
The second is that user flagging plays a very large role. For better or worse, if some tiny percentage of users think a comment or story is inappropriate for the site, it disappears. User vouching then plays a smaller but also important role in reviving some of these.
The last is that 'sctb' is no longer involved, and 'dang' is the sole remaining moderator. Sometimes I think he encourages people to believe that 'sctb' is still involved because he'd be embarrassed if people knew how much time and effort he puts into the site.