well, newmoderatelist is never used except after calling newlistapproved with the showunapproved option. keeping them together reduces the likelihood of bugs. ANd I think it reduces surprise. Understanding that newmoderatelist was a "continuation" of newlistapproved was something of a revelation for me.
I could see the advantage of doing it that way if it was to "jump over" some large and/or variable chunk of code, but it doesn't. It always only jumps over votefoot. And now that votefoot is gone from there, there is absolutely no reason for the continuation code to be in a separate htmlcode node.
Merging the code, as in the patches I just submitted, actually reduces code complexity a bit. For one thing, there's no need to shove the "passed" data into %HTMLVARS anymore.