I think most of what there is to talk about has been covered by several people here already, but as usual I feel like getting my yammering and yamping out of the way ;)
I don't really know any instances of mods going all-out and ditching the friends they had made before receiving the golden aura. Actually, two or three mods have contacted me directly before just to chat about random things. The only time BBS politics has ever come up during a conversation with a mod is when I'm asking a quick question. As always, the defining characteristic of the community here is that we're all familiar with one another most of the time. The size of the place and the general atmosphere allow for that to work, and yeah, you'll have places like Stickam and PalTalk where mods drop in for a bit of banter all the time. Like you said first though, this also leads to the things we think we see: "worship", etc.
I've joked before with different people that there are two different regular responses to someone becoming a mod. The first one goes something along the lines of:
"Awesome, way to go! I always knew you'd be a mod, and I'm always available. I'll look forward to be banned by you in the future, haha! If you want to talk sometime, I'm still on MSN, and I'm not busy, I'll just be on the BBS, doing nothing."
, while the second one is something like...
"Oh wtf? Who the hell is "politicsforumiscool"? I've never heard of this user. Gee, I wish it wasn't all about sucking off Wade et al. I'm going to post more of my anger on my userpage."
I obviously don't mean that for real, because honestly, the community is better than that. My point was, while in the middle of the uppity humour, that there's a close thing about the whole business. As exagerated as the first response is, it's probably genuinely happy for the new mod.
I remember someone quoting "a certain moderator" once, a few years ago now, saying that deep down most if not all regular users would like to be mods, even if they deny it. It seems obvious (and the original quote was better: due to memory, I've been forced to paraphrase it), but the point stands in more than one way. Sure, a lot of people will just want the unwritten benefits, but for others it would be a first time place of responsibility. Seeing as the user base is pretty young on average, that might seem like a bad thing, but it's really not always. It's how I look at it anyway, hmm.
And of course, I'm now Captain Obvious because that might play something in the election selection. I'll shut up now.