I just want to add one thing, that is also relevant as you mentioned @dantheman's posts about the use of downvotes. The downvote, and the flag need to be separable. It should be possible to disagree on post rewards, but not on the overall reputation of the egregious self-assignment of rewards. It should be possible to flag, and not affect rewards, if your primary goal is to send the message that the content is not just bad, but invective, inflammatory.

I believe that having a high reputation, but low SP, diminishes the effect of a downvote or upvote on the reputation of the target account. I don't know the full details of the mechanism, but I am pretty sure there needs to be an option to balance rep effect and reward diminish effect. Oh yes, for one very simple and obvious reason:

Let's say you have some spammy post that you want to flag, and you have enough rep and SP to push their whole account under zero. But they only have SP of, say, 2500, you will thereby consume all of the vote power required for this smackdown to give the reputation effect, but it only needed 2500SP of 100% voting power to erase the reward.

Or in other words, if you can alter the two parameters, two sliders, you can conserve your vote power, while inflicting a full reputation hit.

Or vice versa, to upvote with only a small reward, but a big boost in rep.

Note that 'disagreeing on post rewards' was not always listed in the flag interface, yet you cannot avoid affecting them when you use it.