I think there are to distinct issues here. The first is how articles find their way to the front page, and the second is how individuals are rewarded (or punish

I think there are to distinct issues here. The first is how articles find their way to the front page, and the second is how individuals are rewarded (or punished) for their involvement in those stories. The reality is that the earlier you post in a story, the more karma you're likely to collect. To me, that just encourages "first!" type posts. A poorly thought out comment in a story that makes the front page will inevitably earn more karma than a well thought out comment that doesn't. So is this about getting better stories to the front page, or about rewarding users for their participation?