I find that I carefully word what I write on HN by default. That is the 'culture' of the site. I don't think the median HN reader needs further encouragement to write well. Of course, there are raging dicks everywhere, and people being people will sometimes go off on a tangent. If there was a 'quality of comments' scale, YouTube would probably be near the bottom (just go onto some sorry excuse for a music video and read some spam and inspired fan comments), and HN near the top.
perhaps, for now. but if PG's concerns are valid, then it may be the case that this will change. alternatively, consider it a functional way to reinforce the culture.
I changed all of my videos to moderated comments on YouTube, and I still receive completely inane ones every day, along with "thumbs up if ____" comments. These, again, would be modded into oblivion here.
Maybe I'm one of the unwelcome newbies that are changing this site for the worse (as I'm not involved in a startup), but I don't think this culture has anything to fear as far as quality dilution goes. Noisy, sure, but still high quality.
I like not having to worry about karma because it means I can speak my mind, instead of simply commenting the popular responses in hope of karma.
a bit more seriously, are there any plans to increase the number of karma-locked features? if people knew that there were more benefits to contributing high quality content/submissions/comments, they might put a bit more time and effort into contributing them.