If you have a Facebook Page, managing spam on your wall can become a huge time-suck. You literally have to "flag" and/or remove posts, and then go through your fan list to remove the fan.
Now Facebook Pages come with a spam filter built right into the wall (kudos to Debra Askanase for pointing this out).
How to find the Facebook Page spam filter
To find your spam filter, simply click on your wall, then click on "Status". Look for "Options" over on the right.
Facebook Page spam has its own wall to call home
You'll find that your Facebook Page spam has it's own stream within your wall. Only admins of your Page can see this spam, so it's not critical for you to delete posts in this stream.
Flagging spam on your wall in no longer an option for now...
As always, you can delete any comment on your wall. However, it's not clear how to flag spammy wall posts. The example above shows spam on my wall (not in the spam folder). As you can see, you can flag comments on the spam, but not the spam itself. I'm sure this will change, as it's an obvious feature that Page admins will want.