[DeanLag]

Their moderation powers won't go but they won't see the threads that are awaiting to be moderated. I'll try to do it on my forums and let you know, never played with it before.

--------------- Added [DATE]1256212670[/DATE] at [TIME]1256212670[/TIME] ---------------

Kay. I tried it to do what you wanted to on my forums and it works:
First, Moderate Threads (Require moderator validation before new threads are displayed): Set it to Yes.

Second: Select your moderators that you do not wish them to read the threads:
Can Moderate Posts: Set it to no.

If the Moderated Posts is set to No, users will be able to post once a thread is approved.

To approve a thread: Thread tools > Approve thread.
Let me know if thats what you wanted.