9 added 144 characters in body
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This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions and Answers. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well. You also cannot retract an active flag for moderator attention if the post has been deleted and you don't have enough rep to see deleted posts.

This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions and Answers. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well.

This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions and Answers. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well. You also cannot retract an active flag for moderator attention if the post has been deleted and you don't have enough rep to see deleted posts.

8 Teams has been un-shipped http://meta.stackoverflow.com/questions/330427
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This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions, Answers and TeamsAnswers. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well.

This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions, Answers and Teams. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well.

This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions and Answers. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well.

7 Make it easier to see when it went live (instead of having to look in the revisions)
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This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions, Answers and Teams. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well.

This is now completed and live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions, Answers and Teams. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well.

This is now completed and as of August 2016, live network-wide.

Note that if you're a moderator (and thus your flags are authoritative), there's no retracting. Also, close flags get converted into close votes if you have enough rep, and can be retracted through the existing "retract close vote" mechanism.

It works for Questions, Answers and Teams. To retract a flag, click the flag link again and the button should become Retract Flag. This does not work for comments as the issue of mis-flagging mainly happens on Questions & Answers, unless there is a big demand for Comment-flag-retraction as well.

6 Missed that, oops. But if that much is stricken out, might as well just remove it for clarity...
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5 Struck out additional sentence about it going network-wide soon
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4 Update that it is now available across the network (ref: http://chat.meta.stackexchange.com/transcript/message/5148563#5148563)
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3 added 304 characters in body
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2 added 1 character in body
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