I wish SV hadn't acted the way he did, and that he would apologise for it. IMO he should be de-sysopped, but I would also vote to have his status restored after a couple of months, if he made it clear he wouldn't behave similarly in the future. He's a good member of the community, even if he acted rather badly in this particular.
No one should be above the rules, but the most important thing is the message that is sent to lay users regarding admin misconduct, and how he plans to conduct himself in the future.
Jack