Yes, once someone hits that button, a siren goes in each of the mods offices at KMC Headquarters. Then a little monkey comes out and wakes up the mods who don't hear the siren. Then they all flip a coin to see who makes coffee, and they read the alert screen that basically encompasses the entire north wall of the west wing.
Well I moderate another board, and here's what I do: I have a roomful of 3rd world country computer geniuses chained to computers in a room searching all the posts in all the forums for "moderatable" material. It's pretty effective and cheap since the slaves... I MEAN well cared for workers, are on loan from countries with such bad economies that they amount to pretty cheap labor.