I'm not sure. It doesn't seem as elegant as the comments moderation on Eurogamer, for example. You can either plus or neg rep a post, and put a threshold above which the post is shown. This can be -5, but also +5. I was slightly skeptical when it was introduced, but as it happens it works perfectly well about 95% of the time, and that is a much more 'public' place where controversial topics can run into hundreds of comments within an our of an article being posted.
I have it set to -5 there, but you can also be really efficient and up it to +5, so that you only see the standout posts. I think this is the big advantage of such a system - it allows you new ways to filter out interesting comments. For instance, you could on the front page of the forum make a link to overviews that give the list of posts for the last week/month/year/all-time that received the highest positive score (most valued), the highest number of votes (most controversial), and the highest negative score ('pile of shame').
It also lowers the barrier from bringing a topic that is being discussed to something that could become an article, perhaps, which starts out as a collection of postively ranked posts on the topic.
So far though I haven't really seen a suggestion that is a big improvement over what we've had. I liked the rep system we used to have, but have to admit that since it was abolished, the only complaints I've had on this board have pretty much disappeared, as they were all regarding the (ab)use of the voting or even the moderation system (the infraction points).
We implement Universal Search solutions in our business, that can content rank information based on keywords and other logic rules. A game like LittleBigPlanet 2 uses a lot of that kind of stuff as well, but basically for me it would be incredibly efficient to be able to do something like create a saved search that allows me to set topics I'm interested in and then give me an overview of posts relating to that subject with the right meta-tags (you can do more than use tags, but it is just really efficient).
Key here is that most of the meta-tags do not need to be set manually, but are inherited from the forum or topic they've been posted in. E.g. say we have three topics about Killzone would have Killzone as a tag on it, as well as Guerilla Games - all the posts in these topics would inherit these tags, but the Killzone topic posted in a subforum about 3D technology could inherit properties for those as well, and if it were about MLAA use in Killzone 3, then that could be another meta-tag. Finally you could add any optional tags to them (and those optional tags would be similar to the post icons you can choose now, but with an option to enter text manually, and they would be more useful
), if for instance you have a cross-over post, in say that you have a topic on MLAA and make a post that is about the MLAA implementation in Motorstorm Apocalypse, then you could add the Motorstorm Apocalypse tag to it.
The results could be presented in clusters, in new posts in the search, highest ranked posts in the search, etc.
In the end though, I don't think all the effort is worth it at the moment. You first have to think of a better reason to want to do this, e.g. to make Beyond3d more than just a place of discussion, but a place that can be used as a proper reference to intelligent background information on topics. That may not at all be what people here want to do, nor the people running the site, nor the devs posting on it (their words could get more attention than they want).
My conclusion is, that things are probably fine as they are! (I don't come to that conclusion very easily or very often
) But if you do want to cut-down moderation work, then I think Eurogamer's system may just be the best and most elegant system out there in its combination of pure simplicity and effectiveness.