Right now when you edit you module description (or some field), you could make it inaccessible for other people (and not even know about it, since it will be accessible for you) for an undefined period of time. That's very bad: you add something by people's request ... and they see you module disappeared at all (no even warning that it's under moderation).

We all know that Moodle Team is a busy people and moderator couldn't approve every little change fast. So the system should step in their place. If there is an old, moderated version, it should be showed instead of new one. Or, at least, module shouldn't disappear from other people and unlogged in search, but show message that it's under moderation instead.