Some say English is a language which borrow words from other languages.
This is untrue.
English is language which ambushes other languages in the dark, drags them into an alley, clubs them over the head and steals any useful bits they may have.
- Praphrased from a novel I read once. Can't remember which now.
Back on topic: I believe that some of the moderators have an interest in having "rules" because it is easier for us to deal with offenders in the short term if we can point to a rule and say "...no, you violated THIS." than have to deal with the extended back-and-forth about moderator bias and what not.
At the same time, the best rules are the flexible ones, IMO.
So, it comes down to the apparent impartiality of the mod team vs. the ability to flexibly handle any situation. I'd love to lean more toward the latter, but if a mod moves without a specific rule being violated (and sometimes even with) it seems like an inevitability they'll be accused of moderator bias, arguments breed resentment, appeals will be tossed around forever, etc...