This would give authors submitting content a better idea of where they are in line. It wouldn't have to say how much time before a submission is reviewed, just how many submissions are ahead of theirs.
If you wanted to go a step further, you could also say how many moderators are currently reviewing stories.
Do certain moderators only review certain categories?
On a related topic, is there an information posting/page regarding what the site admin(s) look for in potential moderators of stories? Maybe allow the subscribed userbase to nominate a candidate for a volunteer moderator position?