First, Ranked Choice is not a single election strategy; it depends how you handle the case when your top choice is not elected. You are probably thinking of Instant Runoff Voting (IRV), where the bottom choice is eliminated and everyone who picked that candidate as their top choice gets their votes transferred to their next choices respectively.

IRV is better than our current system, but not by that much. Range (aka Score) Voting -- where you give each candidate a score from 1-10, like a judge in the olympics -- is much better. http://rangevoting.org/ (alias: http://scorevoting.net/) has a wealth of information on this topic, albeit in a website straight outta 2005.