I'm not saying I'd do a better job than them, and for the most part I think they both do a good job, but we need some fresh blood in the moderator department. Both hilariousandco and mprep have been mods during my entire 7+ years on the forum. I can't help but think that, with the exception of hosting giveaways, moderation is loosening to the point where it is encouraging a new wave of spammers on the forum.
A new global mod wouldn't be such a bad idea as they could pick up slack in other areas without a moderator, like P&S. I really can't think of a downside to adding new blood to the administration... things seem a bit stale up there.