I'm playing around with allowing/not allowing guests to the forum, and I set the "Unregistered / Unconfirmed" usergroup's permission to "yes" for everything. (I know, not lifelike, that's not the point. )
I also set the registration options to require e-mail confirmation.
This ended up giving a brand new, unconfirmed user full moderator access to the forum. So far so good, this is what the permissions give him.
BUT: when I go to "Test permissions" in the Admin CP, and enter this user's name, I end up seeing different permissions. The permissions I see do NOT allow the user to moderate, while in fact he is able to do that.