My latest thoughts on this matter are posted on SciFi meta.
I am suspending my activity as a moderator. Combined with the fact that some of my fellow moderators on my site have also suspended their activity (Rand al'Thor and Kevin), this means Science Fiction & Fantasy is currently without its three most active moderators.
SE has acted deplorably in summarily removing a respected moderator in order to make an example out of her. Moreover, SE appears to have been completely unprepared to deal with the consequences of their actions since the company has only managed to post perfunctory and ill-received responses (most of them canned, e.g. this one) and has not even released the new CoC which triggered their action.
How are moderators supposed to enforce a CoC which hasn't even been released to us, much less to users who might be in violation of it? And why should we moderate if we are in danger of being removed for failing to properly enforce an unreleased CoC?
I may or may not resume my activity as a moderator depending on SE's actions going forward. I will wait for SE's next move before making my decision. The ball is in your court, SE. You need to do a much better job going forward.