If the thread doesn't warrent being banned then it's reinstated (sp I think). What other people find offensive is subjective so in the same way you don't want people reporting threads willy nilly because subjectively you think they're ok, you can't stop people reporting because subjectively they do think it's offensive or unsuitable and they have a right to do so.
I've reported lots of stuff in AB because I dislike the content, tone or because I want attention drawn to particular answers. I've never reported just because I'm not made keen on the pixels asking the question, if others choose to do so that's up to them but I suspect if they're reporting for that reason they'll be pulled for it and the thread will appear again. There are more fun things to twist your knickers about.