Thanks for a thoughtful post @aggroed. Personally, I find the value of good flagging is outweighed by the revenge and opinion flagging. Flagging doesn't remove doxxing or a physical threat for example. It merely reduces the steem reward—but such posts aren't necessarily posted to the chain for that reward per se.
I'd be just as happy with steem if it had no flagging mechanism. I feel capable of ignoring things I don't want to see without imposing/suggesting my opinion as to whether anyone else should choose to see it or not.
I've also got very little skin in that game. So far as I recall I've never cast a flag/downvote—if I did it was inadvertent. And I'm rarely down voted .
Well, until now that is—maybe ;)
Thanks, again, for sharing your view.