Currently, the lowest tier of Moderators on a board can see all IP addresses. In some cases, this may not matter to people, but in situations where there are possible user moderators who may take this information as an attempt to start arguments of "unfair" play this creates more headache than necessary. Especially since IP addresses can be recycled for Mobile users, etc. On my current PHPBB forum, I've written some minor code change which just restricts it where the moderators must have access to the ACP to see an IP Address. However, the idea is that instead of the IF_ACP flag, it could be something where I could set it up directly under moderation yes/no flags.
It would seem to be a relatively easy addition, but I haven't really looked into where the Moderator flags are defined and referenced in the ACP and the respective pages.