[tweakmonkey]

Not for me. I run VB 3.6 though, which may be the reason.

Here's the fix for anyone who wants it to moderate new threads as well:
Open product-kwautomod.xml
Around line 12, find two occurences of 'pagetext' and change it to 'pagetext', 'post'

Here's the complete code including spelling and description fix if anyone wants it (I may post an updated version of the code later with more modifications):

<?xml version="1.0" encoding="ISO-8859-1"?>

<product productid="kwautomod" title="Auto-Moderation by Keywords" description="This Hack allows you to automatically place Posts that contain certain Keywords under Moderation" version="1.0.0" active="1">
	<codes>
	</codes>
	<templates>
	</templates>
	<plugins>
		<plugin active="1">
			<title>Auto-Moderation by Keywords: First Post/Thread</title>
			<hookname>threadfpdata_presave</hookname>
			<phpcode><![CDATA[if (str_replace(explode(',', $this->registry->options['automodkeywords']), '', strtolower($this->fetch_field('pagetext', 'post'))) != strtolower($this->fetch_field('pagetext', 'post')) AND !can_moderate())
{
	$this->set('visible', 0);
}]]></phpcode>
		</plugin>
		<plugin active="1">
			<title>Auto-Moderation by Keywords: Normal Post</title>
			<hookname>postdata_presave</hookname>
			<phpcode><![CDATA[if (str_replace(explode(',', $this->registry->options['automodkeywords']), '', strtolower($this->fetch_field('pagetext'))) != strtolower($this->fetch_field('pagetext')) AND !can_moderate())
{
	$this->set('visible', 0);
}]]></phpcode>
		</plugin>
	</plugins>
	<phrases>
		<phrasetype name="vBulletin Settings" fieldname="vbsettings">
			<phrase name="setting_automodkeywords_desc"><![CDATA[If any of the Keywords listed here (separated by a Comma) does appear in a Post, the Post will automatically be placed under Moderation - no matter what Moderation Setting the Usergroup or Forum has.<br />
Enter Keywords in lowercase only!]]></phrase>
			<phrase name="setting_automodkeywords_title"><![CDATA[Auto-Moderation Keywords]]></phrase>
		</phrasetype>
	</phrases>
	<options>
		<settinggroup name="general" displayorder="30">
			<setting varname="automodkeywords" displayorder="360">
				<datatype>free</datatype>
			</setting>
		</settinggroup>
	</options>
</product>

I posted this earlier instead that also stops people from posting a set # of URLs per post to further reduce spam. It also checks the number of posts a user has before applying the moderation.