Earlier quoted context omitted.
Your last suggestion seems to make things less democratic understandably, but how would it be implemented?
I've actually implemented a system like this on isdaily (a news site I'm building.) I came to the conclusion that using Karma as a score is a rather bad idea as it assumes that people who get voted up have better judgement: "If you post well you must vote well." But I'm sceptical that this is the case, it's easy to see someone like patio11 has both excellent judgement and a high karma score. But vote power = karma pr…
In order for this to work, you'd have to hide vote totals on all posts and comments, which, as jamesbritt pointed out above, eliminates a feedback mechanism that users may find desirable.