It's a lot. What confuses me about that though is that reports stack for a single post. So at most, in the report queue, no matter the amount of reports, it'll be n entries for n questionable posts.
One annoyance however is that if you decide a post isn't worth a report, and you close that report, if it gets reported it gets reopened again. So a visible warning becomes a way to cut off reports on a post but there's no way to permanently mark a post as "not breaking the rules". The reason that's annoying is that three people could keep closing reports on a post and some idiot later on can come in and issue a ban.
Another issue is that one motivated person can make a thread look especially bad if they have an issue with the thread by reporting a lot of similar posts.