Relative to the alternatives that existed when StackOverflow started, it's been a significant improvement. And relative to its initial gamification efforts the current version is better aligned with its current goals (but questions like "Best Programming Joke" were consistent with the gamification needs around growing the site). But I don't think it has completely got it right because I think right would have a bit more room for treating people kindly and currently StackOverflow gamifies bad behavior toward people asking "homework" questions and this in-clique versus out of clique behavior is one of the things StackOverflow was intended to gamify away.