Hi Gee
I can only answer for myself obviously.
I work in an environment were Internet access is freely acknowledged as a tool of our work - as long as the time we spend on personal surfing is reasonable there is no issue and no formal agreement. I log on at the start of the day and my internet connection stays open until I shut down at the end of my working day. That doesn't mean I am actively online all that time, it is simply another programme running background.
The time required to moderate the forum differs vastly from day to day - often there is nothing required other than the time I would spend here as an individual taking part in the DDNet activity. The time available to me varies from day to day as well - on Friday last week I was at a conference so didn't have much time to check things out and just popped in from my iPhone; today I have a lot of 'wasted' time waiting for someone else on a project I am working on - I cannot keep picking up other tasks because I need to be immediately reactive to that important and time limited task, and expect to be here late into the evening to make sure it gets completed - so am having an early tea whilst I type this

I do not hide my moderator responsibilities, my immediate boss is aware of it as are a number of colleagues and a number of people outwith my organisation who I volunteer for. I would not worry about discussing it at interview, I see it as another skill in my professional 'toolbox' - if I do good work that helps promote professional administrative and secretarial support it offers an indirect benefit to my employer.
I am lucky to have that sort of flexibility - things may change in the future and I will address that if/when I need to.
Cathy