I've always felt that a part of the problem on sites like reddit is that upvoting has essentially zero cost: just move your mouse and click the up arrow on whatever tickles you to do so. This means that a lazy comment which mildly amuses 1,000 people will get as many upvotes as an incredibly thoughtful comment which profoundly touches 1,000 people, and ten times as many upvotes as one which only 100 people appreciate, even if the appreciation runs far deeper.
If each account had a limited vote rate (perhaps tied to that user's activity), I think this might help to reduce this effect somewhat. Much the same analysis probably applies to downvotes: currently users will click the down arrow on anything they disagree with, rather than only downvoting comments that severely detract from the conversation. Of course you'd have to be careful about this system being gamed, but all voting systems can be gamed and it's not obvious that this approach is any more vulnerable than usual.
To some extent I think Hacker News' greater discussion quality is due to its poor user interface, as weird as that may seem. Upvoting/downvoting on a mobile device, for example, generally requires zooming in to hit a small target, whereas on reddit I don't need to do that on my iPad at all, and on my iPhone not as much. Commenting on Hacker News also requires visiting another URL, whereas on reddit it happens more effortlessly. These are small things but they can be the hurdle that causes someone not to bother to post that joke or upvote the 17th reply in a meme sequence.
I know this probably sounds like a technical solution to a social problem, and I don't mean to deny the important effect that cultural norms and community policing play. After all, subreddits have widely varying qualities of discussion depending on their community standards, and there's no question Hacker News' quality survives in large part due to community vigilance. But I do think the effortlessness of voting on reddit is a factor which contributes to the prevalence of lowest common denominator comments, and I'd be very interested in seeing reddit or other social forums experiment with imposing a scarcity of voting power.