In my case, it generates an email notification which links to the post in question and shows whatever comment the clipe reporter makes. 
If I then click the link and then see the post is in the bin or the relevant comment either amended or deleted, I do nowt else. If its still 'live' and worthy (in my opinion) of action, it gets moderated. If I think its all fair and above board then I leave it alone.
If another mod does the same view thing as I have done and decides to moderate the post subsequently then, thats also fair by me.
The admin team have, I think, a reasonable fair/even grasp of whats wanted as regards spam, insults, innappropriate comment et al but that said, we are all fallible. What suits one does not by default suit another and thus, if somethings deleted/moderated then in 99.999% of cases, will not subsequently be 'unmoderated'. But that does happen sometimes..... 
So, if you hit the button in error and then immediately bail out of that topic, does that still go through or do you have to type a comment and ok it. 
Basically, what I'm asking is, did I report a post accidentally the other night. Surely I can't be the first person to do this. 
Just to be clear, I would never knowingly hit that button, I would just move on to another post. 
Regards
Alan
You're not the only one to do this, I've hit the button in error quite a few times, I don't think I'd ever bother actually using it as it's meant to be used