I flagged this answer as being "very low quality" because frankly, it looks kind of like the ramblings of a conspiracy nut. But this was declined with: "Please downvote! Flags should not be used to indicate technical inaccuracies, or an altogether wrong answer." (I've now done that)
But it does raise the queston: how many folks does it take to accept/decline a flag? Do flags get voted on or is it just the first user who gets to it? Also, what happens if you disagree with their judgement (apart from raising a meta question about the concept)? There doesn't seem to be any option to disagree on the flags page, nor any indication as to who made the decision (so you can explain your reasoning). Re-flagging is obviously spammy.
Obviously in some cases (such as this) its subjective, but then wouldn't voting be a preferred option, even just within the mods?