In the past, it was mentioned that the queue for moderator flags was being spruced up to prioritize the flags most likely to be actionable. I originally figured that the flag weight system was the culmination of this plan. But it turns out that this isn't really the case.
What impacts the priority other than flag weight? We have two flags on Gaming at this moment, one coming from Community who has 500 flag weight, and one coming from a user with 120 flag weight. For one reason or another, the latter flag is displayed at the very top, while Community's flag is 3rd (after a comment flag whose source cannot be determined).
I don't particularly mind in this instance, because Community is incapable of being disciplined and it happens to be wrong in this case. But people are expecting that "high flag weight means high priority", so knowing what impacts it to be very much otherwise would be nice.