It would be nice to add to the notify moderator script a drop-down box with a few common options (customizable) as to why a user is notifying a moderator of a post. For example, profanity, spamming, rudeness, duplicate post, or whatever the admin wanted to specify.
Additionally, the text field would give users the added ability to be specific about it... "second link goes to a 404 page" for example.
Also, it would be nice if the number of times a user notifies a moderator, would be stored somewhere so an admin could later check the list of which users are most active in using the notify moderator feature... which in turn would help an admin make decisions regarding who to make a moderator.