How about slashdot with 'insightful' / 'informative' / 'interesting' / 'funny', upvotes? Does a system where the more karma you have the more power your upvote

How about slashdot with 'insightful' / 'informative' / 'interesting' / 'funny', upvotes? Does a system where the more karma you have the more power your upvotes have work? Is there a better system?