In general I like the new Flagged Posts feature and have been actively using it.
One thing I noticed is that there is a reasonable volume of questions coming through flagged as very low quality, when you take a look at the offending post it usually just requires an edit. This question: How-To debug Mono xsp cryptic runtime errors is a good example - it was flagged as low quality by one person, but after a quick code edit by someone the question becomes very clear. It seems to me that the flag is used a little too willingly.
If at any point I was to flag a disagree, what would happen? If i disagree but don't fix the question, then some other lazy people also flag it as low quality (or it has accumulated some more flags before i flag a disagree), what happens - do I lose flag weight? Does a mod look at the question before closing/deleting or do they simply rely on the flags? Or is there some automation there to do it for the mods, once enough flagging takes place the question gets closed?
Should the existing flags be wiped (with no penalty) once an edit is made?
This Meta question: Add a warning to the “low quality” flag option suggested an addition to the text of the low quality flag, which was duly made (and has evolved still further). However now that any user can suggest an edit maybe the use of the flag should be restricted to higher rep users.