The problem with a simple (yes/no/troll) toggle is that the same sort of users who troll the comments section or blog posts are liable to abuse it. I'd much prefer a separate link, after 'recommend' that says 'report this.' It should pull up a comments window in which the poster would have to justify the decision to click the tag, by writing something like "This post is a commercial solicitation" or "This post uses innappropriate/offensive language to no purpose." Then Andrew et al could look at the notification, glance at the post, and decide whether to remove it.
I'm also waiting, eagerly, for the recommended reader posts to roll on a 24-hour basis, though I know Andrew's working on it. And as long as I'm fantasizing, I'd really love it if there were, on the TPM homepage, a column for 'most recommended stories,' also rolling on a 24-hour basis. For the most part, those would be Josh's pieces on the homepage. A few ElectionCentral or Muckraker pieces might score high enough, if they were really groundbreaking. TPMCafe posts that struck a chord might break through. And, once in a blue moon, a reader might succeed in posting something thoughtful and interesting enough to crack the top ten. But the simple egalitarian impulse would matter. It's like the Indiana state basketball tournament - it doesn't matter if the little guy ever wins, it matters that he's got a shot.

good point about trolls most likely to abuse a troll button.