Reporting it just gets someone else's eyes on it for sure, because a moderator might not have seen or noticed it. Nothing more or less than that. So if you think it's on the edge, go ahead and report it and let a moderator decide if Something Should Be Done about it.
Of course, if a member abuses the 'report this post' button by reporting every third post or something, moderators (being human) pretty much stop taking that person's reports seriously anyway. So don't go overboard with it, but also don't worry about reporting the ones on the edge.
As far as reporting comments directed at you personally vs comments directed at others, that's a call for you to make. If you want to err on the side of caution, it's not a bad rule to just let us know about the ones directed at others. But there's nothing at all wrong with drawing our attention to a situation, especially if you have the self-control not to say or do anything else in return for the insult.
Personally, I've always been impressed with those who could simply note an insult as a possible violation of forum rules (as opposed to as "that guy hurt my feelings) and then move on without retaliating. It's a rare character quality and I think an admirable one.
My personal website: Cornered Cat
Last edited by pax; March 20, 2009 at 06:56 PM.