Depending on the color scheme ("style", "skin") you're using, the Report button could look like either

or

.
One advantage of using it is that everyone on the
Community Support Team sees those reports. If you PM a particular team member, it might be a while before they're online to read it. Also, if the team member you PM isn't assigned to the particular forum where the reported post is, they can only pass the information along to someone else.