Thanks all for the replies, especially the Blues!
Search the web for “warcraft mass report ban” and check out the number of stories of people getting banned via a mass report. There are people selling mass report services now, so you can pay to have someone go through this Hell.
While I appreciate the Blue posts, above, I think they are citing policy from Blizzard. Blizzard is a bit disingenuous to have a policy that says that a GM reviews logs before players are banned because there has been a well-documented exodus of Blizzard staff and all of the stories you see (and actual tickets submitted) indicate that this manual review has turned into a rubber stamp process as they do not have the time/interest in performing thorough reviews.
Also, there are many Blue posts such the follow in which the acknowledge that report abuse is a real issue that they have to deal with:
Again, I appreciate all the feedback. Now, back to some more WoW fun!