Well maybe not at first but if you keep reporting posts which don't need to be reported at all and/or if they suspect that one is simply trolling then they might stop paying attention to them or simply ban them or take away their reporting rights (if there is such a thing).
A reply from the MOD:
Also, what if half the number of my reports are "BAD", will the MODs start disregarding my future reports?
No. It might effect your chances of ever becoming a mod if your accuracy isn't very good though (if that is something you would be interested in).
But may be if a person does report 100-1000 posts which are all BAD, their reports may be excluded although I don't feel the MOD will do that as it's their job to check reports. Also, I don't think anyone would waste their time reporting so many posts which are unnecessary. It's an extreme case.