Sure it gets the job done... kinda.
But still I think that if user gets ignored, it should also mean that he or she really is ignored.
Right now we can view the post and the ignored person can still quote and reply to your posts.
This needs some changes.
Also I think the ignored post notification is a bit "unfinished".
Simple "message hidden - user is in your ignore list" would do the job fine.
Something like that.