No, the only way (currently) to view the list of flagged questions is to either be a ♦Moderator, or have 10,000+ rep. If you have that much rep, you're virtually a moderator already. As the FAQ put it,
At the high end of this reputation spectrum there is little difference between users with high reputation and ♦ moderators. That is very much intentional. We don’t run Ask Ubuntu - Stack Exchange. The community does.
(empasis mine)
So, for your average user, the list of flagged questions is completely off-limits. You can only view it once you have obtained enough rep to officially moderate the questions.
I am in hearty support of your idea - normal users being able to view the flagged questions list. Not at 1 rep, though... 250 might be appropriate. (200 is when you can see the Review queue.)
