Maybe I wasn't very clear in the idea... the team isn't "approving" a mod, they are "helping" a mod author improve what the community has decided is popular.
If the code isn't good (i.e., your definition of the "best" mod), wouldn't it be advantageous to both the mod author AND the community to help make it the best it could be?
Furthermore, if you are already internally (whether just in your head or amongst staff) ranking what are "best" mods, then why not share with the community what these are?
In my mind, now is the time to really give this topic a serious thought. If most are awaiting vB4 to start releasing new code, why not put something together and give it a trial run before the you-know-what hits the fan?