I enjoy it. I've been modding various communities on and off since I was about 13, so it's just like... a hobby now, I guess. PC is the obvious one, where I've held a number of different ranks over the years, and it's probably the one that gave me the best basis for doing it. It's been way too serious in the past, but the structure was really helpful in knowing what works and what doesn't work and I've taken that with me everywhere. It's definitely my favourite place I've modded.
I definitely prefer modding asynchronous places like forums or subreddits compared to chat rooms. It's a lot easier to deal with tempers when people have more time to think out their responses than it is to stop an argument that's happening in realtime. I find I only have the attention span to deal with one server at a time, so PC takes most of my attention and I've largely muted other communities where I have modding power unless they only get a few conversations per week. oops
The worst modding experience I've ever had was definitely on /r/jrpg where, when I volunteered to mod and was picked, but in my welcome, they suggested I do all my modding silently and never speak up or warn someone as I dealt with their post because "you'll probably just get harassed". I ended up being the only mod who did anything for such a long time and it burnt me out so bad on reddit as a whole. Every time I'd go through the modqueue, there would be people arguing with awful slurs and just the scummiest insults. Simple rules were entirely disregarded and, as they warned, any time I did speak up as a mod, I'd be downvoted and harassed. The last straw for one of the other mods was when there was a huge argument over ~~censorship~~ bc some game... took out a boob slider? Or wouldn't let people make sexualized little girl characters? Or something? And the mod made a judgment call (that I agreed with) and got harassed off the subreddit. I stayed on as long as I possibly could stomach, silently removing as much awful stuff as I could, but eventually I found I was neglecting the subs I actually enjoyed modding and as soon as two newbie mods came on and had been around long enough, I quit and unsubbed from the subreddit entirely. I feel bad leaving it in such a terrible state but there was only so much I could do against all that vitriol when I wasn't actually head mod or anything. (Head mod, by the way, was an avid user of the trump subreddit so I definitely had to be quiet about my leftist agenda as modded LOL.)
But yeah, at least it's usually pretty rewarding. (b'-')b It's nice seeing a community thrive when you put work into it.