I’m thinking it does.
sausage
bacon
It sends your username in an email to the appropriate mod(s).
I don’t know if a formal log is kept, though. If I were a mod I would keep everything. 
The e-mail the moderators get looks something like this:
[SDMB username] ( mailto:[sdmb e-mail address] ) has reported this post:
http://boards.straightdope.com/sdmb/showthread.php?postid=NNNNNNN#postNNNNNNN
This is part of this thread:
[thread title]
http://boards.straightdope.com/sdmb/showthread.php?threadid=NNNNNN
This is the reason that the user gave:
[whatever you typed in]
Thanks, Arnie. I’ve always wondered.
Don’t your inboxes get inundated with these e-mails every time there is a blatant spam thread started or obvious troll post in a well-read thread?
No, usually there’s only a couple of people reporting a post, even if it’s blatant.
Please, please, please, folks, we would rather get a dozen people reporting the same post, rather than no one reporting a post because y’all think someone else will.
Will we ever get back the ability to report our own post? For spoiler coding mistakes, double threads, and whotnot… Right now, we have to open an e-mail and cut and paste the url and and get the addresses of several of you (for those that don’t regularly share e-mails with the mods, we don’t keep their addys on file, see). It would be a lot easier the way it used to be, having Report This Post in our own posts.
The staff has said in the past that you may report the post above or below yours with a note explaining the mistake.
When I have the need to report myself, I just copy the postid manually into the URL and report it that way. It’s pretty easy.
But not as easy as simply one mouse click, which is what I explained in the above post.
The report the next or previous post won’t help with just started threads that may have doubled due to no fault of your own or in which you failed to preview and left an open spoiler.
What about vB code - does that get interpreted? I’ve used it in a couple of report post messages, and have wondered if it has the desired effect or just renders the text less readable.
No, but it’s easier than
I never said it was as easy as a mouse click. I’d like to be able to report myself with ease as well.