Almost by definition, moderators are very involved with their sites, but every site also has a group of active users posting, reviewing, editing, etc. It's clear to me that SE doesn't value this involvement by active users.
Since SE doesn't value a high level of involvement, my response is to be less involved.
A visible sign of my lowered involvement is that I've reverted to the default gravatar and I'm considering changing my username to userXXXXX. (I think the latter step could have some impact if lot of active users did the same.)
It doesn't take a lot of time to keep on top of flags on ServerFaultServer Fault, so I'll keep doing that. But I don't see myself doing any other clean-up functions: voting, closing/re-opening votes and reviews, etc. On other sites where I was active, I'll probably still read and lurk, but nothing more than that. (Except for meta.SE where I think some voting on all the discussion around these issues is warranted.)