I agree with you- it's not an either/or. It should be both! But what it SHOULDN'T be is a spotlight just for the moderator or just for the panelists. I have been subjected to ravings and rants that the moderator/panelists cared about that no one in the audience really cared out - or we were being pitched to. I think the moderator has to be the champion for the audience to bring it back to something that the audience cares about - not just the panelists.