I have been looking for this functionality for a long time. I would code it myself if I knew how, but it's a little beyond my skills. It seems to me it should be coded into each field, so each field should have the option of being moderated (yes/no). A lot easier said than done, of course!
If an email gets sent for every profile change, that will be a lot of emails. Maybe something can be set up to send out a weekly (or other) list of profiles that have been edited recently, so the admin can check on them. That may be an easier approach.
www.mikkosoft.fi/ usually has some cool CB plugins ... but the site is blank right now.
Maybe something like this already exists, but I haven't seen it. Anyone have thoughts on this?