Moderation as virtue : Where you tend to an opinion in the "middle" because the "middle ground" indeed has more to back it than the extremes
Moderation as a diffident "tactic" : Where you tone down your views for fear of not getting into trouble
Both the people with "moderate" views and the critics of "moderation" understand "moderation" in the latter sense
Where moderation indeed captures the "truth" better
Not moderation as an exercise in escapism