No, moderating is designed to make a post "more visible" to the casual reader. If person X mods a post "insightful" or some other positive mod, it rises to the surface (so to speak). Person Y meta-modding the original moderation "unfair" doesn't erase the original positive moderation and doesn't cause the original post to drop back down, in terms of visibility (as far as I know). I believe it just effects the original moderators odds of getting more mod points.
I used to meta-mod most days but now I only do so infrequently. I don't think I need to be "voting up or down" some casual comment or joke. The whole thing is exacerbated by the fact that most posters don't bother quoting what they're responding to, so there's no context to judge the post against.
Oh, well. It's not my website and I guess the power that be will run it how they see fit. I'm still here so must not be too aggravated by it all.