I'd say for me, and everybody is a little different, moderation is drinking without too much damage. Getting away with it on a given drunk. Not too hungover, didn't do anything regretful. Then there is also the control of not drinking when I don't want to.
This reminds me a little of the alcoholic way I used to define moderation - drinking as much as I liked, but suffering no bad consequences.
It's no wonder I was never any good at moderation
D