I personally have not flagged anyone's content despite seeing a good bit of spam my first month here. Like you said, leave it to the more experienced users with much more firepower and reputation.

I've seen a couple of pretty nasty flagging wars documented in other people's blogs and it's made me hold back and leave the flagging to the more experienced users. Things can get really heated and what ends up happening is both parties see their reputation suffer tremendously, especially if neither has much voting power or clout here.

The many users here who have devoted a lot of time and effort to policing the platform seem to be doing a fairly good job of it.