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You can set up moderation in the admin console. In V4.0, you have to look on the Your stuff menu to see that there are items that need moderation. Since they are not published, notification is not useful and the system does not send out a notice that stuff is waiting on you. If you have more than one person listed as a moderator, I cannot recall if they all need to approve or if only the first approval triggers it o publish. We used this in conjunction with a community where you can add a discussion without needing to login as a way to collect anonymous input.
Thanks Mike for this. Very helpful.