how posts go into moderation has not changed. the permissions for setting that up are identical as before.
how did you previously moderate or see the posts held in moderation? there was two ways previously… one was via the admin bar… the only difference now being that the admin bar is a plugin for sp where as it was part of core previously… so if you administered them via the admin bar which appears at the top of forum pages, you will need the admin bar…
I also previously mentioned that getting new posts modifications is now part of the admin bar plugin too… so if you got them before, just get the admin bar plugin for sp and you will start getting them again…
we moved some functionality from core to plugins because core was getting extremely heavy (weighed in at nearly 3 MB!)… we tried to only move functionality that not everyone was using… so you did not need all the extra code if you were not using the functionality…
you said you were seeing the forum tools… what type of page were you on? as mentioned, you can get it on the forum view (list of topics within a forum) and on topic view (list of posts within a topic)… if you want to moderate posts, you need to be on topic view and hover over the post that is in moderation, click on the forum tools and you can approve the post… if you activate the forum tools on a post that is not in moderation, obviously you wont be offered that option…
moderating posts in moderation via the forum tools is for onesy twosy type moderations since you have to be on the post needing moderation…
the admin bar plugin is the preferred method of moderating posts because it displays ALL posts in moderation (as well as unread posts for you) in a single list and allows you to quickly and easily take care of them…