The first time I went to ?q=admin/node/configure/defaults (administer > content > configure > default workflow) and checked moderate for stories, I then expected to be able to go to administer > users > configure > permissions and see a new row in the table for the story module that said "Moderate."
In other words, I thought I would be able to assign moderation privileges to select roles for select content types. Instead, it appears that the queue module allows me to specify roles that can moderate ALL content types that are not, by default, promoted to the homepage. But if I want role #1 to moderate only content type #1, and role #2 to moderate only content type #2, that's not possible -- if I understand correctly.
I don't know how difficult what I want would be to implement from the programming/db standpoint, but from the user interface standpoint, it would be quite easy... in fact, the UI, as it currently exists, is practically begging for this to be added.
The current system is excellent if you want the community to moderate a particular set of content types, and no other type of moderation is needed on the site (excepting comments). It's not so good, though, if what you really want is to give certain people simple up/down authority to publish or promote certain content types, and certain other people the same ability for other content types. This might at first seem inconsistent with the spirit of empowering the whole community to moderate content, but since Drupal aims to be a "content management platform" for a wide set of uses, this seems like appropriate (and needed) flexibility to grant to admins. And one could certainly imagine a community site where community moderation AND moderation per-role-per-content-type is needed... or where a wide portion of the community is called upon to moderate one set of content, and another wide portion of the community moderates a different set of content.