Would this imply replacing mods with new ones?
I think fresh faces would make things more unstable, as after a while I feel like I know a little about the mods by watching their M.O.
I can't really see the benefits of a voting process, and the worst case scenario is an election campaign that sidetracks the forum and possibly divides the members into camps..
..Yeah, I've seen this happen in a computer forum.. And it was not pretty. And those guys had a lot less "under their belt" than some of the members of RWG.
Here we all have a say, suggestions seem like they are considered seriously by the management, this suggestion included, and you don't really have many complaints here. (If you feel hounded by them, they usually have a reason.. it COULD be you, and not all the others..)