I might as well document our current progress.
- We now suppress the "very low quality" option. It is only available on closed questions or posts with a score less than 1.
- To eliminate load on Stack Overflow only, we now suppress all the close flags. They are still visible in the 10k queue10k queue
- Close flags are "self curing". If a user casts a close vote on a post with close flags, the close flag is dismissed as valid.
- If the close flag is disputed by the community, it is always shown in the mod queue
- We added rich filtering, so you can work on specific flag types
- SO Only, we suppress VLQ flags from the mod queue for a period of time, in case they are self curing
We are watching the queue at SO and will update this answer with our progress.