You bring up a good point. Currently I am thinking that a "moderate Muslim" or a "moderate follower of Mohammed" would be much the same as a "moderate Christian" or a "moderate follower of Christ".
Moderate Christians don't believe the Bible is the word of God, don't really believe in the historical miracles recorded in the Bible, Jesus is not the only way to God, etc.
In other words, moderate Christians in the end are not really followers of Christ.
I supposed moderate Muslims would be those who don't really believe Mohammed is a prophet of God, thus are they really Muslims?