It doesn't really exist currently, unless you can look at a copy of the image page that was archived before a particular comment was deleted.
I think Stream Owners would benefit by the ability to see the content of those deleted comments in their streams, and perhaps it would be good for any and all Owners/Moderators on a stream to be able to see the deleted comment content that was deleted by others.
Seeing that content might help a couple ways.
1) Stream Moderators should be able see a Stream Owner's intent on what kind of comment content is not allowed in the stream.
2) It might help prevent abuse if a Stream Owner's intent is to not allow comment deletions by Stream Moderators to be targeted against a particular user, where the comments were within the Terms of Use, Stream Description and Submission Rules for the stream.