Using Revision with Views I'm creating a page to list any content that needs moderation, which in my case includes new content and pending revisions.

I have the pending revisions down, by setting 


Fields

Content: Nid
Content revision: Title (Title)
Content revision: Updated date (Last Revised)
Content revision: Vid

Filter Criteria

Content revision: State (= Pending) 
Content: Revision moderation (=Moderated) 
Content: Published (YES)



Now how do I add in content that hasn't been published that requires moderation, BUT don't pull prior content that has been set to unpublished? 

I've tried opening up the filter for Content:published and selecting the ANY option and excluding it from display. However, When you unpublish content, the revision for it asks for moderator attention as if it was a new revision waiting to be published. So it grabs ALL unpublished content as opposed to only the new content waiting to be published.
For your revisions, I assume you're using the revisioning module.

Why not just remove the Content: Published filter entirely?  Any node with a pending revision should be moderated.

On my site, when I unpublish a node, unpublishing it alone does not cause it to have a pending revision.  In other words, if the most recent version of a node is published, unpublishing that node does not create a pending revision.

However, if you unpublish a node with a pending revision, that node will still have a pending revision after it is unpublished.  There is no way to use views alone to distinguish between a node with a pending revision that was "set" to unpublished and one that isn't published yet.

To implement such a workflow, I would suggest using the flag and rules modules.  Roughly, the steps I would take would be:


Create a global flag called "Intentionally unpublished."
Create a rule that automatically flags nodes when they are unpublished.
Add the flag as a relationship to your view and filter based on the existence of the flag.