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In my opinion, upvotes are the problem. They allow for terrible content to rise to the front page in a short time. Only the most vigilant people can constantly downvote bad content into oblivion. The hands-off style of moderation on most subreddits doesn't help either.
The problem Reddit runs into that Slashdot or Hubski don't is the absurd quantity of votes. Slashdot stops you at what? 5? Hubski stops at 8 or whatever. My top voted comment on Reddit has 6900 upvotes. That's three orders of magnitude higher than either other aggregator (say that three times fast). The mistake, i think, is in presuming that three additional orders of magnitude gives you any advantage whatsoever in sorting.