The list is not moderated in the normal sense of the word, which would mean that there is someone approving each and every message to the list. I manage the list, which means that I deal with subscriptions and answer questions, but I normally do not exercise any control over the content of the list beyond enforcement of the policies of the list contained herein.
New subscribers are placed in a state that there first few posts are held for review to make sure they conform to the list policies, and released to the list if they do so. Most people after a few posts are cleared from this state and their subsequent posts will go directly to the list without intervention. Very occasionally, a poster may be put back on moderation for repeated violations of the list policies.