I've waited as long as I could before turning on comment moderation here, but due to the amount of spam comments that have ramped up over the last few months it's now in place. My Inbox gets flooded with each spam comment notification and I'd hate to think other folks who subscribe to this blog or specific entries are receiving the same crap. So, until I get my site/blog moved to the VPS each and every comment will have to be approved before it shows up in an entry.
This shouldn't present a problem for valid commenters as I will typically approve comments within minutes or a few hours at most. My iPhone and access to my blog will certainly help me stay on top of it.