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I like the idea in concept, but I would not want it to automatically ban anyone or automatically remove post.
I had such a modification on one of my own sites and it quickly was abused. Whole groups of people would flag whatever they disliked or any comment that was unpopular to the masses.
Social media such as Facebook has this same problem. And it is why many of my members avoid social media and use forums.
I do like the concept though. I just wouldn't want it to automatically remove anything from public view or remove anyone from the site.