I've heard various ideas such as limiting it only after mods have expended their points (this will require implementing a cooldown to prevent a user from getting points again too soon). I want to hear your feedback, and I'll roll together something for the next major update of the site. Leave your comments
I've come to the conclusion that moderation was brilliant only in the fact that it was a solid concept. I felt much of the underlying math and assumptions using to underpin the system simple are fundamentally wrong.
I've written pretty heavily about why I think slashdot's old moderation algo is busted and have gone through a lot of lengths to justify the changes I made here. I *do* read every comment, email, and post on articles I post, and I frequently comment on all of them. I've already got a LOT of good feedback on this, including another thing to poll the community about (which I'm going to write up for Thursday or Friday).