I'm proud to never have reported any post. The trolls that post report-worthy material eventually get banned anyways.
But it does expediate the process.
The people who get reported more often (like BRTD, Opebo, Grumps, etc...) are fortunately unbannable. On the other hand, really nasty trolls like wormyguy have a ridiculously low number of reported posts...
One thing these posters
don't do that your suggest are "protected," (I disagree but whatever), is engage in extended flame wars. Did you ever notice that? If you want to rack up a bunch of penalty points, engaging in such flame wars is probably the most efficacious way to do it, I suspect. BRTD has racked up his share of points in any event.