I have no idea what the badges, karma, etc. are. For me, it works quite well. In fact, the only mildly confusing thing for me was that I had to use some OpenID thing to login the first time.
Think about that. Their value prop to someone coming in through Google or posting a question is simple and the barrier to entry is very low.
My first experiences with the site weren't too good: I tried to upvote a comment (I mean, there's a big fat arrow to the left of the comment!), and then I tried to answer the question and I believe it didn't let me either...
If you want to I'll try finding it :) (it should be on my PC somewhere, I don't usually delete those things)
Edit: I'll put my e-mail on my profile, sorry people for the offtopic.
No, you're not. I remember looking at stackoverflow once and there was some sort of New here? Read this wall of text to get started! to which I responded Awesome! Maybe I'll read that when I have looked at the latest pictures on reddit!
Stackoverflow incorrectly assumed that I gave a shit about their website. They can get away with it because they have technical users who often don't react like that. But if your users aren't technical, then you can't possibly overestimate how much they don't care about your website.
Embedded assumption #475 in Stack Overflow users: it is obvious that replying to a question is not Answering it.