Now that I'm employed, I have about 4 hours between when I get home and I go to sleep. I only have time to browse the front page and maybe look at the highly-rated comments on one or two of the more interesting topics. Meta-modding? Forget about it.
I have gotten mod points three times in as many weeks.
One of the factors Slashcode uses to hand out mod points is how often you visit. Those who visit the site as often as the average member of the slashdot population are more likely to moderate, with those who visit a lot and those who visit rarely being less likely.
The side effect of this is that people who actually have enough time to moderate can't, and those who don't have enough time have to anyway. Is it any wonder that we get misleading and incorrect comments modded up? The mods simply don't have the time to check, they're just modding stuff up that looks informative so they can get rid of their points! What I usually do is look through the comments history of my friends (I usually mark someone a friend if they say something I like) and fans and mod up anything interesting they've said lately.
So what I'm saying is this: Points should be given to people who have enough time to really dig through the posts. Sure, give 'em to the obsessive reloaders. If they're just looking for fr157 p075!!!1 they won't be able to mod that article anyway.