Color me skeptical about stopping drift, though. It'll be neat to be proven wrong. I wonder how you'd prevent the system from just emulating the editors, instead of the audience. Now with YC perhaps that's exactly how you'd like it, but for a more general purpose site I'd want more of a user-focus than an external-editor-focus.
For the newer people, thank you for the link about what the appropriate topics are. I think a time or two I asked "what does this have to do with hacking?" Now that I know the larger focus, I'll be more reticent.
Of course, in truth I might be quite happy with this system. I've liked what the editors have let through so far (though last few days less so) and I would probably rather read what they suggest than what the "group" suggests.
With weighted voting, the stories that wind up on YC news will closely reflect the desires of the editors. That's fine, but it's not a democracy. It's more like a benevolent dictatorship! (very benevolent ;)
After all, if people want the full wisdom of the crouds/mob rule thing then there's always Reddit.
To truly obtain wisdom from the crowd, it has to be collected:
a) non-sequentially (i.e. all votes are cast independently of what everyone else cast)
b) taken from wide cross-section of the population.
Once a community has formed around particular topics (far left politics, atheism, xkcd, "vote up if ...") you may be collecting wisdom of _that_ crowd but not wisdom applicable to anyone beyond that select group.
http://www.zeldman.com/2007/06/20/remove-maybe-from-invitati...
Then you can indicate the level of agreement/disagreement on some sort of graphical/iconic bar. Having a number of points means almost nothing except that a bunch of people clicked the arrow. With an agree/disagree/interesting system, you can even do math in the background to determine the kinds of articles that certain people tend to like, and you can really figure out their personality that way.
Then again, polarizing things into three categories isn't a very accurate way of discovering what is truly popular in a community. But I do think it's better than selecting certain people to have heavier votes.
http://ycombinator.com/hackernews.html
Vote weighting isn't turned on yet, but for the last couple weeks I've been thinking it was time to.
Incidentally, the poll problem can easily be fixed by changing the frontpage ranking algorithm to treat poll votes as worth e.g. a third as much.