Elections are always-ongoing affairs, they never stop.
This seems absolutely, horrifically, terrible. Under such a system, no leader will ever lead, instead, a leader will grandstand constantly. You'll end up with moderators that spend all day, every day, playing a popularity contest.
That's the whole point. It elects spokespersons, not leaders. It's a wonderful idea.
Besides, you are precisely claiming that dictatorships are better than democracies.
As for grandstanding, that may well be the case if that's what the membership wants - in which case I would argue that it is precisely what they should get. But also, does it really matter if you can just opt out from moderators you don't like?