Same thing happened to me after i was away for what might have been years. Initially, i have to admit, it did hurt a little.
However, being administrator to several other sites/communities, I can fully understand that a board like this can only be operated by active and reliable staff-members.
I absolutely feel the decision to drop inactive moderators was correct even though I would have appreciated some sort of notification before being demoted (that was probably what hurt the most after being a mod for several years).
As a side note - yes it did hurt, but I have not gone so far as to call the regular users "peasants". I'd say it is offensive (in this particular context of course) and I do not think the community deserved that. None of them is responsible for your absence and resulting loss of "knighthood".
[FONT=Times New Roman]Holiness is in right action and courage on behalf of those who cannot defend themselves. What you decide to do every day makes you a good person... or not.[/FONT][br][br]