15 minute post edit window.
You click Report and the mods leading that forum get an email. However, the poster may have time to edit said post before then.
So, before I was a mod I was sure to:
1) Quote the post to keep it "on record" as at least that gives us a starting point. Yes, that can be fudged, but most mods tend to believe decent members' stories.
2) Quote and Report. The less said to a pirate the better, as you have seen.
I appreciate where you're coming from, and perhaps the Admins will have more to say, but imagine if every jackass spammer on these forums could Report any given post to make it "pending"... Sounds like a nightmare to me.
Good post/query though.

-Xombe
Edit: Uh, yeah. What lordvader said...
