Abused to say the least. I got suspended for saying "Emo faggots" in a topic that is who should be killed "Emo's or Hipsters" where other people say the N word and many other words much worse than faggot. Delete the report post button or do something with that, because these suspensions are just ridiculous.

its to keep the site cleaner

Clearly not doing a good job. The function is EASILY abused.

For example lets say I didn't like you Manevolent. So I get my group of friends to search your posts and report everything you post. Bam you're suspended.. That's what happens majority of the time.

Only if you're breaking some rule or another. All clicking report does is leave a little notifier for the moderators to review the post.

Highly doubt they thoroughly review the post because I've been suspended for "Trade Scamming" when I made an offer on a friends FT list...

Again, the system is abused.