Actually, no you don't. The only time there might be an emergency is if illegal material, or something grossly offensive, is posted, of any nature, but it can wait until you are able to remove it from the site. Works over at CP and MANY other forums all across the net. I have been running and moderating all manner of forums for most of the 15 years I have been on the internet. I can tell you now the best way to handle it is to keep as hands off as possible. You will find if you take this approach the users themselves will become protective of your forum and it will grow more than you can imagine.
As for cocky, anytime someone in power on a forum starts refuting others arguments with "well, it's so-and-so's site and they made me moderator" they need to go. While technical ownership may well be yours, as long as you keep the site open to public registration and urge folks to be active and help grow the site it in essence belongs to the users as much as it does you.

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