Flood Control

If a spammer employs a computer to post their spammy links as fast as the Internet can allow, it could only be a matter of seconds before the forum has hundreds of spammy posts on it. The delay at least limits the amount of spammy posts that can appear from any one user in a set period of time.
 
It is very annoying at times, but as Bignose says, it prevents serious spammers from using bots to post hundreds of spams in a few minutes.
 

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