It's interesting there was so much antipathy towards the Vote-Up-If posts. I found them annoying, but I could live with them. Personally, what ruined reddit for me was Ron Paul, politics, and all the 911wasAnInsideJob folks. I could even live with the over-abundance of LOL cats and flicker links. But the overall nuttiness of the site simply turned me off.
Don't get me wrong, I like politics and I personally think Ron Paul has a lot going for him. But I didn't start reading the site for its political bent; I started reading it for the interesting links and the tech stuff. I'd simply like to get my political news elsewhere. With the bastardized reddit, I couldn't get away from politics, even with the introduction of sub-reddits.
Redditors trying to force ideas down my throat was a turn off for me too.
But that implementation, I think, is much poorer (as you say Vote up if) because it's really very limited.
Here's I think it's interesting that we can basically run a survey experiment based on the choices offered. For instance, we can see that the age of YC.news users is a slightly skewed distribution with a mean of of maybe 24-25 (even as we could nail it down more with smaller bins). To me, that's much more interesting than "vote up".
And yes; one of the worst things that happened to Reddit was the proliferation of Vote-Up-If posts.