I doubt it... everyone can use flag for the same thing today.
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Indeed.
However, there are two problems, which won't be solved by changing the name from "flag" to "downvote":
- The fear of retaliation (so only a few people dare to flag at all - these ones often actually really like doing it). I see no reason why this would change?
- The abuse of the flag option when users with much SP follow every post and comment of their unlucky "victims" to flag them whatever they write.