I do agree that karma increases addictiveness and adds little value; I can see it being useful for certain permissions (so new accounts can't do thinks like downvoting), but it could just not be visible to the user; then there's no motivation to "increase my karma"
Can you please elaborate on what you find useful about thread-ranking? It's an anti-feature that only serves to increase addictiveness (by making top-level comments into a competition) and make it impossible to reload an active discussion and find your place again, in my opinion.
(I do see your point about not being able to keep your place, though I don't systematically go through all comments in a post -- or very rarely -- more just quickly browse for things that catch my attention, interesting info, etc.)