This is the second time that I've hit this cap:
Given that out of my 697 flags, I've only had 15 declined, I feel that I'm trustworthy.
Instead, I can't flag crap until tomorrow.
As you prove yourself to be a good flagger by making good flags, your flag limit will increase. Getting one declined flag tends to decrease the number of flags that you can make by 1 however.
For more information on flagging, see this answer by Marc Gravell. It is slightly outdated however. Also, see the
In addition to what has been said about your flag limit being flexible: if you are piling up flags that quickly, there is a good chance the limiting factor in the workflow is no longer how fast you can find stuff to flag, but how fast the mods can deal with your flags.
I'm going to take a guess and say you're specifically focusing on flagging activities. Running into more than 40 items that need mod attention over the course of an average day seems unlikely. That is great; we need people to help discard the chaff, but once you've hit the limit, you might want to take some time to take part in other activities (answering, editing, reviewing etc.) That way, your productivity isn't wasted.
Well I do not feel it is good idea to remove such kind of limitations, the reason, Site is not only for single purpose. You should concentrate on other stuff like Editting, Answering, Reviewing.
If one has unlimited authority for one task then he/she will keep on doing it for long time which sometimes is not good.
Moreover as the Ran commented the maximum flags you can handled limit is 100, not a 40. Your flag count get increase as your flags get result as "helpful".
One important thing keep in mind that Flags taken very seriously.