I see spammers as nothing more than annoying low life parasites on the www and I've been clicking that little orange flag quite a bit during the last few weeks.
In fairness to the moderators, from what I've seen at least 90% of the possible spam posts I have flagged have eventually been deleted or their links removed.
I "spat the dummy" one evening when it was well over 30 minutes between me flagging some posts and them still not deleted, even though I could see there were active moderators currently online.
I got a message from a mod. soon after explaining that the mods can be busy doing other things etc etc and that is fair enough and I accept that, but as I am flagging spam posts (they tend to come in short bursts) I also check to see which moderators are "on duty" and I can get a feel for what they are doing, along with all other members, by watching who is doing what on the Who's Online listing.
More often than not, as I am flagging potential spam posts I am seeing the mods surfing from thread to thread either just viewing them or replying to them. When they are actually moderating, their activity comes up as "moderating".
Now I accept that mods. might have a higher priority of helping others by replying to posts in threads or doing "other things", but the side effect of that, for me at least, is that it takes away a lot of incentive to even flag the posts especially if I am expecting to log off soon because I know the spam posts are unlikely to be removed before I log off.
The annoying part of these short bursts of spam posts is that they appear as new posts to a thread and when people click the thread they find the latest post is garbage.