favorites bug me. there are great caches that few people are going to learn about. when we log it, as if we liked it. that's all. would a rating convince me NOT to do a cache. maybe if it had terrain issues or the CO was a butt. who's going to rate a light pole as a favorite unless it's in her favorite mall? still, they have their place, just like guardrails. go by the log & word of mouth. it's worked well so far...
I think that's why they only gave you 1 favorites vote for each 10 caches you find... so you'll be judicous in their use. Think about it - chances are if a cache is really good, it's going to have more than 1 favorite vote, unless only 1 person has found it. In that case I'd think people would be smart enoug to look at the logs and description for an explination as to why there's not more finders.
There's going to be abuse of the system one way or another... but this at least will highlight the really good caches in an area.
I do agree that being able to flag BAD caches would be nice as well, but the politics behind that would get really messy.