OK, I found an issue with this.
We have a forum in our site, in which we copy/mode posts or threads that violate our rules. A typical way of doing this is to select some posts from a thread, using the moderation tool and move them to a new thread in that forum, let's call it "The Laundry Room".
Well, I have excluded the Laundry Room from being reported in the Activity stream, and it works just fine, if you go and start a new thread or add a post in that forum, but threads created by the moderation tools, unfortunately get reported. Not good!
Any ideas?!?!