I don't think Nathan answered Chris's question.  I get the impression that
the Unixoid is upset that mail about a list being moderated is being sent
back to the From:  field or the Sender:  field, not the Reply-To:  field.
Nathan's answer seems to address how Reply-To:  is set after LISTSERV
distributes the note, not who's notified that a list is moderated.
 
If I set a Reply-To: on a message, I mean that Reply-To: for the list
subscribers, not LISTSERV itself.  Possibly this is a corruption of the
intent of RFC 822, but it's consistent with the way LISTSERV has behaved
for years.
 
If mail to a moderated list has a Sender:  field, I wouldn't be surprised
if LISTSERV sent the "This list is moderated...." note back to the Sender
instead of the From, but then again, I routinely confuse the purpose of
Sender.  :-) In any event, I think Chris's correspondent is asking for
would break more than it would fix.
 
Just a thought,
Nick
 
* Intelligence demands reasons, not rules.