There's a similar feature on Futaba Channel (the Japanese imageboard that inspired moot to make 4chan) that allows users to self-govern. Every post has a "del" button, and different results occur depending on how many times the del button is clicked by the other users (only one del per unique IP is counted). The del'd post's hostname may be revealed, the thread may be quarantined (if it's the OP), and at a certain point the post will be deleted entirely. The threshold for how many dels are required before any action occurs is different depending the individual board's configuration, and I think it may even dynamically adjust depending on the board's overall activity level.
In addition to the del function, some of Futaba's boards allow OPs to moderate their own threads, to enable IDs on all posts in their thread, and to force sage for all posts in the thread by using sage in the OP. I've even seen this OP empowerment taken a step further on Open2ch (a 2ch clone for those who don't like Jim and/or 5ch), where OPs can assign other posters to be mods in their thread.