A common question in regards to list configurations is what is the difference between an Owner, Moderator and Editor.  The definitions of each is below. 

Owner - List owners are the primary administrators of the list.  Emails addresses with "Owner" privileges may change the list configuration and templates of the list, add and delete subscribers, and change the settings on subscriptions.  Owners also receive email sent to the official list owner address.  List owners receive notifications of new subscribers, signoffs, and error messages for the list. Some owners may be listed as "quiet" owners.  They have all the owner access rights but don't receive owner messages.  Each list must have at least one non-quiet owner.  The list address itself cannot be an owner.  

Editor - On lists set to Send=Editor, editors are allowed to post directly to the list without moderation/approval.  On moderated lists where the Moderator keyword is not defined, the first editor listed in the Editor keyword acts as the only moderator.  On all lists, regardless of the value of the Send keyword, editors are not subject to limitations on the number of daily posts to the list as set by the Daily-Threshold keyword.  The first editor lists in the Editor keyword must be an email address pointing to an individual.  Other editors can point to other Listserv lists, including the current list (must be in parentheses), in which case all the subscribers on the list have "editor" privileges.  If no editor is listed, the primary editor is the first Owner address listed.

Moderator - When a list is fully or partially moderated, all messages from "moderated" addresses are sent to the list moderator(s) for approval.  You can set it up so each message goes to each moderator in "round-robin" method or so that all incoming messages go to all moderators.  If you do not specify the Moderator keyword, moderated messages get sent to the primary Editor address.  Messages are moderated in the following instances:

• The message is sent from a non-editor address on a list with Send=Editor
• The message is sent from a subscriber that is set to "REVIEW"
• The message is sent from a non-subscribed address on a list where Default-Options includes "REVIEW".

For more detailed information see the following:

Send= (lsoft.com)

Moderating and Editing Lists through Email (lsoft.com)