Let's not let the perfect be the enemy of the good. I don't think anybody said or thinks that the system does not have any flaws.
I see most of the cream of this forum, the posters that make me come back, slowly floating to the surface of the reputation ranking. X, you were second in that ranking for a while, which means that you actually posting numbers and calculations is appreciated and valued (I miss Ciro).
The system is only getting kick-started, but look at who already has reputations of 5 or higher:
With more people voting, in a month or so most of that first page will have the right to downvote as well as to upvote and the system will look much more democratic, won't it?
It is new. Give it sometime, but the names in the linked page tell me that the voting system it is not doing an awful job.
I would like to see a paleontologist.