Stealing this so I can provide an answer.
Yes, if a post receives enough reports it can be temporarily hidden until it is reviewed by a Moderator. That Moderator will decide if the reports were warranted or not. If not, the thread will be restored, if they believe it warranted the thread may remain unlisted, be deleted and/or a penalty applied depending on the Moderators decision in accordance to the Forum Code of Conduct.
Not necessarily, but creating a new thread simply because your current one was temporarily hidden isn’t a good idea. The Moderation team tries to get to the reports as quickly as they can (coverage of the weekend is a bit light), so just give it time.
They aren’t really given any power. They cannot delete post, they can only temporarily hide it. Any other user may still read the post if they wish.