It'd be better if you could put in a reason for flagging a post/comment, I think it's being considered for AG3. Currently only administrators can see flagged posts/comments. But I don't really see a point in changing it to report, flagging it has the same meaning.
Like GOM said, it would be nice to say why you are flagging a comment. In some games I flag all 5 of the "most recent comments" because they are all spam like: "good" "bad" "sucks" and stuff like that. I hate when people do that but I don't want a Moderator thinking that I randomly flag everything.