From a visual perspective, I like it. For what it's designed to communicate, I like the Y-Meter. However, I question whether what it's trying to communicate is

From a visual perspective, I like it. For what it's designed to communicate, I like the Y-Meter. However, I question whether what it's trying to communicate is in line with the HN ranking system. The ranking system combines several signals to give the front-page order and is designed to give new, possibly interesting but currently low point links more prominence by being higher up the ranking. This gives them visibility so people can then vote on whether they're interesting, and hence should be kept at a higher rank for longer. Without promoting new low point content, it's difficult for anything to rise to the top. By making the current ranking more prominent, the Y-Meter would have the effect of reducing views for newer low point content.