Seeing as cache_moderators() requires a query and so does can_moderate() using can_moderate() would be prefered as its doing less work. It does seem that in my RC3 copy that they have 'forgotten/not included yet' the caching in the can_moderate() function, the $modcache variable is there, yet its never set, which causes extra queries every time can_moderate() is called where it could quite possibly return a cached value instead.
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