Ok, here comes my suggestion.
What I would be using this for is to display member quotes....things that the members have posted and are "quote worthy."
I think it would be great to have a small icon in each postbit that allows you to add a member quote to the database.
You would copy the relevent part of a members post, and click an icon. The next screen would only have a textarea to paste in the quote, since the name would be the user who posted the comment you are quoting.
Additionally, in the actual displayed quote, I would like a link to the original post so people can view the quote in context.
Of course people could still add random quotes as well by clicking "add quote" in the quote display area. If they use this link, THEN they are allowed to add a name. If they add a quote via a post, then the name is generated automatically.
I can probably add this myself if needed, but I figured I'd post here in case you wanted to add it to your release.
Nice job, magnus.
Edit: Oh, and it would be nice if you re-worded your AdminCP. The current wording seems backwards and confusing:
Disable Quote Moderation? Selecting "No" will require all quotes to be approved before being displayed"
I would suggest using:
Moderate Quotes? Selecting "Yes" will require all quotes to be approved before being displayed"