Comment: Re:LMFTFY (Score 2) 246
Over at Flayrah we use star-based voting with comment fading/folding, thread-parent rating inheritance and a sense of karma for both registered users and anons (IP-based). It's been reasonably effective in its primary goal (cutting down on trolls and counter-productive argument threads), and while it is open to some forms of gaming, this is mostly ineffective due to the monitoring we can provide as a small site.
Every form of user-centric moderation is going to have its drawbacks - ultimately you are relying on the plebs to decide what's good. You can give some people super-voting power, which may help.