Stack Exchange Moderator Election uses Meek STV methodMeek STV method.
After 8 days, the final voting results will be freely downloadable from this page forever, and we will calculate the winners using OpenSTV with the Meek STV method.
The entire process is explained over at Meta Stack Overflow:
Meek STV does calculations in rounds (or "iteratively," for you programmer types). In the first round, all votes count for the candidate marked as the first choice. The system figures out how many votes are needed to win. If anyone gets that many votes, he wins, and any "extra" votes he got are handed out to the voters' second choices. If nobody wins, the weakest candidate gets cut and all votes he received go to the voters' second choices. Then the next round starts. Rounds keep going until enough people have been elected.