Reporting posts is only to be done when a rule is broken. If the system is abused to simply report someone that the reporter does not like (Or does not like what they are saying) and there is no rule violation, the reporter would most likely be warned or, if it is a repeated offense, banned or otherwise disciplined. This is what I assume, at least. I await the bossman (Myriads or MTPJeff) for the official word.
EDIT: As I did not answer this, threatening to report someone very likely constitutes a breach of forum rules (The Golden Rule probably, maybe others) and, if this is occurring (Especially if occurring regularly), you might want to PM a moderator to let them know. Again, one of the bossmen will have the official word.