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Agreed. This is the same state of affairs that is currently being discussed in the Altcoin Bumping thread. We can report posts all day every day, and completely overwhelm you and the others mods with work, and yet barely make a dent in the spam. We need some top level changes, which I'm pleased to see are now being discussed regarding the Altcoin boards.
In terms of limiting general spam, as you say we need to crack down on the campaigns/campaign managers. Something along the lines of having to submit a list of participants, and if these participants reach a set amount of reported posts which are marked as good, the campaign is shut down. I also think there should be some kind of actual punishment for serial spammers. Spammers don't care about 2 or 3 of their posts being deleted when they can churn out one a minute to hit their campaign requirements. X amount of posts being deleted within Y amount of time resulting in escalating lengths of bans, for example.