I'm guessing that the report button isn't the same thing b/c AFAIK that just puts an item on a moderator's task list.
Actually the report button does a lot more than this.
At one point Kryo mentioned that "reporting" a post sends emails to no less than 20 Stardockians and is taken as a very serious matter.
I mention this because I don't think this has been stressed enough, but "reporting" a post merely because you don't happen to get along with someone is more likely to get yourself into trouble than it is the person you're reporting.
My understanding is that "reporting" a post should be reserved for truly offensive or abusive content. It's like a fire alarm, if you pull it, there damn well better be a fire.