Too bad. Once a forum becomes moderated it's time to move on. Nothing worse than a coven of petty little dipsticks each of whom are convinced that they are the soul of perception and prudence. As previously noted, that anyone wants the job is evidence that they shouldn't have it.
I think this is mainly for spam. Theres been a lot of people, non MM, trying to sell stuff on here. And once you hit report... It usually takes a few days for the post to dissapear, and by then the damage is done.
I'd love to be able to delete posts like that. Theres tons of random chinese suppliers posting in every printer / cutter / laminator thread now.
In an ideal world, if something gets flagged 2-3 times... It should become invisible until someone "moderates" it. I'm sure some people will try to abuse that, but you can always block there ability to flag posts if you find them abusing it.
If mods are doing it right, it'll be helpful to the site. If it's someone who is power tripping... hopefully they get de-modded pretty quick.