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?