yea, now that I think of it, the only reason i've ever reported a post was when someone posted a name of a compay that ships to the PRM(and got a THANK YOU from Milsurps4me for it at least once!) or when someone was being more of a jerk then expected.
The report post button is there to help users help mods in their jobs. I've always figured(and this is how it has worked on other forums) that reporting a post gets moderator attention on that post pretty quickly. Obviously, my reporting a post sets off some sort of "bells and whistles" somewhere. In that regards, I feel the button does its job well.
If you don't want users reporting posts to you that violate the rules, then disable the button.