There really could be many improvements to be made.
New notifications for moderators, integrated with vBnotifications. I saw mod (I think from Paul M) that informs public when there's reported post, PM, or something. But this could be made in something really big and useful. Place to inform users about everything (of course, with usergroup settings for level of information), from reported post, to infractions given for them, about users banned and why, posts put in moderation, users put in moderation...
Something like information board with "problems" (user's misbehaving), all to see and have different level of information. It could be really great and it will help moderating forums, especially big forums.