None that I'm aware of, other than getting into a flag war. And, strictly speaking, random flagging isn't abuse since people can flag for any reason, including random chaos.
But the site has a strong libertarian/anarchist design bias that in the long run incentivizes "good behavior".
Does it use up vote power to flag someone? If two people got into a flag war, would that use up their vote power?
jb, wombat is a well known censorship cop. Sure anyone can flag for any reason but only butthurt leftist retards flag things because of a difference of opinion.
JB, as you can see, trolls follow you everywhere.
But to answer your question, yes and yes.