During my moderating stint I saw several instances where it did indeed "work this way".
And I have never seen (among a couple hundred or so infractions that I saw) mods "defending their poster buddies". What I have seen is the occasional comment like "I agree with his point, but he is flaming/trolling/whatever so he gets the infraction." I can't say much in support or opposition to the consistency complaints (some of the people wanting consistency want it so that they can continuously stay between one to two nanometers inside the line, but there is certainly something demoralizing about getting infracted for a post that a day earlier or later wouldn't have gotten carded). But, I think it is both untrue and unfair to claim that the moderators are motivated by anything other than implementing Thunderfall's guidelines and making the forum as good a place as possible.
You were a moderator during a much more civilized time on this board. Its been several years since you were in a position to make observations from that vantage point relevant to this discussion, with all due respect.
Can you honestly say you have inside knowledge of any infractions recently? That is really the source of some of the angst against moderation. Some of us have been here for 10 years without changing our style of posting. In many cases going from valued long standing memeber of the community to paria infracted without cause or reason was an arbitrary application of moderators personalities, not anything a poster did differently.
Note mods, he brought his personal experiances as a moderator into the discussion, I am limiting my addressing him personally to that specifically volunteered information.