I'm using MyBB currently. I like and use both areas but inline moderation is faster. It's easy to move, edit, merge, delete, etc posts and threads that way. I use the actual MCP when I am editing users- banning, managing profiles, warnings, handling reports, that type of stuff. Every action is logged in mod logs regardless if I am using inline or the MCP so I don't find it hard to keep track of anything as it's all there.
I use Composr CMS. Topic and post moderation is done inline, whereas forum structure moderation is done via. the admin zone. All moderation actions are logged via an action log that admins can view from the admin zone. Also, disciplining users is done via inline / their profile, but again they are logged for easy referencing.
I use php and Java cause I am able to code in any extra I need to use. Moderation through my forum is dedicated only to Admin and Mods just make sure it is clean and rules are followed. If and when I get enough money aside I will fully create forum by code only....Anyone who wants to join me please feel free to ask what I need in terms of Moderators or Admin.
I think a Moderator Control Panel should be implemented in all softwares and work in conjunction with inline tools. It's just nice to have a place where everything is one spot, available mod tools to use and the moderator logs shown of who's done what around the board.