The "flag" button is there for any of the good guys to send a report to the Administrators to take a look at any specific post that looks like it MAY be spam. Those have usually been when a "bad guy"manages to get an ID and then post some spam and/or a link to some spam site.
Then, the administrators get the message from the system and go take a look at the specific post and take whatever action is needed. That action usually is to Block that user ID from further access to the site and also to delete the specific post forever!
There have been many, many bad guy ID's these last three months and they ALL have been located and Blocked!

It's supposed to look like that.

Hi All, the “flag” actually has two uses, the one for “flagging” to moderators posts that appear suspicious, such as spammers and the use referred to here (where the “flag” is not in a box), which “flags” all the posts that an individual has made. This is switched on by selecting “My Topics” from the yellow bar, then only your own topics are “flagged”.
A little confusing perhaps but that is how this new forum works.
Best regards John