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
Unlike the other poster, I have used 'underrated' often enough. Its meaning to me is kinda "none of these other upmods really fits, but it deserves to be seen, so... 'underrated' it is."
'Overrated' seems most often used to mean 'I disagree' but I'm still not sure it should go away.