I do admit maybe 50% perhaps even 90% are valid but I'd estimate 10-20% are not.
You should notice that on a lot of the older flags the users are gone.
Some users do also leave because of the low price and lack of earnings but I don't think these flag wars help things.
By SP you mean Steem Power?
Yes sir, Steem Power (SP). And agreed @mysearchisover that the flag wars take their toll. Any readers of what I have written on my account are well aware of my thoughts about this. At least as they "played out" in the past ...
Today? Well, I am not the best person to ask. Many seem to believe this aspect of a user's experience "in here" has improved ...
It might have improved for most people I dunno. I think the "investor class" of Steemians have suffered like the bot users and people who delegate to the bots.