Have you ever asked someone who's not a regular to upvote something? That's obviously not something that should be done (but I guess we all sin sometimes... call it a wild unruly youth), but if you do, you'll find that most people don't even see the voting arrows, let alone figure out what they mean.
If advanced users still make fairly critical usage errors because of small, opposite buttons right next to each other, and newbies can't learn the fundamentals of the interface, i'd say that makes it fairly bad.
On the other hand, as I said, it keeps the barbarians out.
Or those who don't experience layout problems. Often there is a significant part of the down arrow that results in an upvote or vice versa. Generally happens in FF for me. I feel like I need to check the URL before clicking.
I've been tempted to hack up yet another iOS app for HN, but A. I don't have the time to do it in what i would call the Right Way(tm) -- or a Hacked-Up Way(tm) either and B. it would really be better off as a separate style than a separate app.