I think the pendulum swings back and forth on this one. One theory says its easier to lose fat than it is to gain muscle, hence the no cardio during bulking. The alternative is to make slower muscle gains but keep the fat to a minumum by doing moderate cardio.
I've been in pre-contest for over a year and want to compete after a 21 yr break from the NPC. I did little cardio over the years despite eating well 95% of the time. So bottom line is had I kept competing (including cardio) at least once a yr, I wouldn't have to take 2 yrs to train for a show. I've let the fat accumulate esp. in the ab area as rest of me is lean.
So I would have to vote moderate cardio