From my own experience, Vod reacts fast when I message some of the trusted members to mark some defaulter or potential scammer. There was one instance when there was a delay in marking SuperDay, and he scammed Blazedout419 and was attempting more before finally getting marked. That was a rare case when Vod was late, and it also demonstrated the need to have someone like Vod who is usually very fast in marking them.
I am not saying Vod is right in this as I assume it would feel terrible to be at the receiving end of a wrong mark. But if Vod is removed then I can see a big problem, unless a few of the others step up publicly and say they are going to act on reports without delay.
IMO, we don't need VOD, Tomatocage does a wonderful job. One "scambuster" is enough (if not too much). Furthermore which does more damage? Maybe missing a scammer that will come back on a new name minutes later anyway, or potentially losing honest members who invested time into this community and wish to trade legitimately? I say that those innocent users caught up in his obsessive behavior are much more of a loss than the "service" VOD provides if any.
Even though Tomatocage does a great job sometimes he takes time to react. I am not blaming him at all, its a voluntary effort and nobody is paying him to do anything. But Vod is usually much faster and have actively prevented scams.
I am not going to debate the rest as I am not sufficiently aware of the facts. I am saying if Vod is removed there should be others ready to step up and that they should also go through Vod's trust and mark all scammers who have so far been marked only by Vod.