I think there should be minimal interpretation. I would prefer moderation that is less a group of individuals implementing a broad philosophical framework and more along the lines of human robots implementing a concise set of rules (and only because AI isn't developed enough to do it automatically.)
Based on the moderator's commentary and the CoC as written: it's completely pointless. The mods can decide or not decide that any behavior is in line with, or against the CoC, whether or not that behavior is explicitly permitted or disallowed by the CoC. It's all up to their discretion without appeal. In which case, why have a CoC? It literally doesn't matter.
I want a CoC that matters. Which means strict enforcement. Note that "strict enforcement" doesn't mean "strict moderation." It means the "strictness" of the moderation is dependent only upon the rules not the disposition of the moderator. Allah forbid that bsh1, Virtuoso, and Tej get hit by a trolley by some callous utilitarian and another group of moderators decide to step into their shoes, but have a drastically different style of moderation. There is nothing stopping that because, as a site, we've decided that this is Ok. That our moderation can be dictated solely be the mood of the moderators. We're ok with divesting great power in them because we've decided that they're ok guys and they're going to use it responsibly.
Nonsense. Power should be limited by statute not by the personalities of whoever is wielding it. Moderators should have absolutely 0 input in how the site should be moderated. They should only be implementing a predetermined set of rules, and nothing more.
Take note that forum and voting moderation is treated in completely opposite fashions. Forum commenters can get away with just about anything. You can curse, abuse, and explicitly violate the CoC and nothing (apparent) happens. It is all opaque and no one (other than the mods and possible violators) know if anything is even happening.
Compare that with voting which is very heavily scrutinized with a fine-toothed come, and moderator reactions are very public and explicit.
Why the two forms of moderation on the same site? Well, I have my opinions as to why votes are treated so preciously while forum comments are an afterthought, but that's irrelevant. The point is, there should be a single moderation style. Or, if we want different moderation styles for different aspects of the site, have a different set of rules and moderators implementing each.
EDIT: Additionally, I think there is something to be said that the people who make up the moderation team should be separate and distinct from the people who make up the Code of Conduct. By having them be the same people, you end up with a group that has an emotionally vested interest in the rules as intended rather than rules as written and a propensity to ignore mistakes in moderation which inevitable leads to moderator abuse.