There is a new Moderator election now because a) I am stepping down from the post, and b) GIS Stack Exchange is successful.
I'm stepping down because my work and home duties have changed such that now I only have time to visit GIS-se a few times a week, and occasionally not at all.
I remain as committed to the site as ever, I've been here since the earliest days in beta, but it has always been a "in my 'free' time" kind of affair. (And, in the course of time, much of "free" has been liberally stolen from other places... :-)
It's just not fair to my fellow moderators or the community to be in a drivers seat and yet twitching the reins lightly and rarely.
That said, even if my involvement had remained constant, we've still reached the point where another moderator or two is warranted -- GIS-se is working!!
As @Mapperz notes we're up to 30k visitors a day during the week, and the number of items in the moderating queue has risen proportionally.