I like to refer to it as the "Arbitrary" points system, because it is just that. It is based on and geared towards what a click of cachers think makes a cache more interesting- difficulty. Often, this scale hits the mark, and sometimes it doesn't.
Here in Missoula, there are definitely a few schools of thought on what makes a cache interesting, and this system hits on one and half of them.
I admit that I do generally find that the more challenging a cache is, the higher the points are, and we are doing pretty well on this system. I do occasionally look at the points when deciding whether to go after one cache or another, but it is a 5th or 6th consideration (after weather, time, distance, mood...). I also find that quite often, the higher point caches ARE more interesting than the lower point caches. Sometimes, they are just dadgum hard to get to.
-I personally would like to see a scoring system based on scores from geocachers that have actually found it. Average those scores, and call THAT the cache's score. The score(s) could be based on interest, difficulty, overall quality, etc.
-It would be especially nice to be able to sort the scored point list based on a) It's average score, or How a particular geocacher scored it. That way, if you place a good cache, it could have a high score because people actually liked it, instead of because they couldn't get to it. If we found that there was another local geocacher who had the same general perspective as we did, we could look up caches that they have rated highly, and go after those.
The drawback to this plan is that it could only apply to geocachers that participate. Unless we can talk Groundspeak to implementing it...
May you have the hindsight to know where you've been
and the foresight to where you're going
and the insight to know when you're going too far.