Josh Eaton

Allows users to report inappropriate content across a site’s content types. An email is sent to the admin user and the report is logged in the WP Admin under Dashboard > Content Reports.
Administrators can choose which post types to enable the report link and whether the link should appear before or after the content.

Community Watch

Allows users to report inappropriate content across a site's content types.

eiffel777

Community Submitted News plugin is a plugin that let your users submit articles to your site. Most places can 
only turn out so many new articles/posts a week. Community Submitted News lets you allow your readers to add 
articles to your site. There is a full moderation panel. No story will be fully published until you allow it to 
be published. All articles are initially put in their own category for easy seperation from other content.
Community Submitted News has the following features
<ul>
<li>Moderation Panel – Submissions are not displayed until you allow them</li>
<li>Add submission form to single page or post</li>
<li>Capthca Image</li>
<li>Seperate category for all submissions</li>
<li>Edit submissions before and after approval</li>
</ul>
Leave comments/suggestion for this plugin <a href="http://studioslice.com/2010/04/18/community-submitted-news-ver-11-is-out/" rel="nofollow ugc">here</a>. I would love to hear from you.

Community Submitted News

This plugin allows you to let people submit stories/posts to your site and lets you control what is displayed

Community Watch vs Community Submitted News