Moreover, it doesn't offer an undelete button (not that I would want to undelete it) and seems to have taken off a lot of points.
How does that work?
In this particular case, I (a ♦ mod at the time) flagged the post as offensive. I thought that this would delete the post in my name, but, no, it deleted (and, curiously, locked) the post in Community's name. In any event, whenever a mod deletes a post, it can't be undeleted by the community's vote (though it can be undeleted by any mod).
I don't know the complete list of actions Community takes credit for. One, as we see, is deletion of mod-flagged posts. Another is posting community-wiki posts (it owns the posts for purposes of accumulation of reputation). Another is, I think, downvoting deleted posts (it owns the downvote so the actual downvoter doesn't get debited reputation). Another is suggesting edits actually suggested by anonymous users. There are probably other things.