If this has been posted on before, I apologize; I did run a couple searches, to no avail.
I use the present comment moderation system in WP1.0.2 on one of my sites; when I go to approve a comment, I often choose to reply from within the admin section [hey, the comment box is there, why not use it?].
The frustrating thing is that said comment must then be approved. While it's not a huge deal [I'm already on a screen that can approve it], it just seems a bit hackneyed.