This should be placed under Troubleshooting, but the link to post under that topic is broken.
I have a new installation of WordPress 2.7 on a client's site. I have the Spam Karma and All In One SEO pack plugins installed.
My client wants all the comments to go into the moderation queue for approval, but they don't. I do have the option to hold all comments for moderation checked, but all comments are posted immediately.
I disabled Spam Karma, and the comments are still not held for moderation.