I think the restriction to levels before 5 isn't strict enough. Not only should there be a cap
per minute, but also at the rate which they are posted.
I propose:
Characters under level 5 :: 3 posts in /auction or /ooc per minute, AND a 15 second delay inbetween entries.
The logic behind this is that spammers could use both /auction and /ooc to 'double' the amount of spam per minute. Have a shared 3 limit between channels will help prevent this. This shouldn't cause practical issues since most people who auction should be at LEAST level 10 to move around the world without to much issue. Ooc discussion generally is quite pointless and 3 messages per minute for an alt / lowbie will help cut down the nonsense even further.
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(Yes I know I can disable /ooc chat)