Who is a Moderate Muslim?

There are Islamists and there are moderate Muslims. In our public parlance, the latter are the "good" and "reasonable" Muslims. But in a world of 1.5 billion Muslims, the division between Islamists and moderate Muslims leaves many nuances invisible. If the vast majority of Muslims fall into the moderate camp, then there must be many shades of moderation to be discerned. Who is a modern, moderate Muslim?