So is Hacker News is a fork of news.arc, rather than straight news.arc? I figured it was, but never heard that officially (since people refer to news.arc as the HN "source code").
Edit: Also, the "lightweight" thing is interesting. There's something in place that sees if the post is a "rallying cry" or is mostly made of images. Additionally, if you link directly to an image file, or to some list of domains that have been deemed lightweight, that'll get marked as lightweight as well. Lightweight posts have a .3 factor, meaning that they're even more deflated than URL-free posts.
I did a fast test of how placements would look like with the vanilla HN algorithm using the current frontpage: http://paste.plurk.com/show/316811/
The code to generate the new sorting: http://paste.plurk.com/show/316812/
As you can see the rankings are not the same, but very similar...
19 points, six steps, that's averaging 3 points per step, so it's like a single flag counts for 3 'downvotes' on an article or something close to that.
That's all guesswork of course.
The biggest missing ingredients are flagged posts dropping off quicker and posts that contain no URL dropping off quicker but there are quite a few other subtle tweaks.
The (very good) reason why the ARC sources do not give out the real ranking algorithm is to make it a bit harder to game the system.