There absolutely HAS to be this functionality. All the alerts when logged in, all the awesomeness of the spam cleaner means absolutely NOTHING if I'm not notified that something has been reported when I'm offline.
This is quite critical for us - so we'll be using a 3rd party plugin for now, but I think this would be very useful in the core. If something is reported, it's usually urgent enough to remove ASAP (i.e. bad spam) - so waiting until a moderator/admin comes along and notices it could be many hours away (depending on the time of day).
It would be nice to have the option to alert admins and/or mods.
@robdog : does your code work with 1.2? Also, how about extending the SQL query so it picks up any forum moderators (i.e. as opposed to just super moderators + admins) for the specific forum where the post was made?
Ditto - so many email notifications are available, but a little surprised to see the one that is actually time sensitive - could be a spam bot attack - there's no way to get an email.