It would be nice, I think, if there were more ways for the members of a community and instances to interact democratically with the rules and moderation.

I.E. Mod elections, being able to put users bans up for vote, vote on sidebar changes, vote on feature selections, vote on when or if to stop accepting new users, etc, etc.

Basically anything a mod or site admin does being up for democratic vote, even if it doesn't generally need to be extended to all the users (because of possible brigrading or fake users).