I think the way the system is, now, isn't ideal but it is decent. It eliminates the temptation of a lot of people to post with the intention of getting lots of points so everyone sees how awesome they or their comment are, but still provides the input on those comments for the individual to see. So it helps shape your quality, without making the "ranking" a public competition.
As for curating the live contents of an actual discussion . . . I don't think exact point numbers is necessary for that. If I only want to read the best top half of the comments in a discussion, I don't need to know that a set of comments got 12, 32, 48, and 119 points. I just need them to be displayed in such a way that I can discern the top-most content. Physically weight the comments (in color, boldness, placement, or other possible options) so that the top 20% of comments appear in one way, the next 40% appear another, and the bottom 20-40% appear in yet another way. Easy to visually discern and pick through, but the top comments are then tied to the top comments in relation to that exact discussion and not a hardset number of "anything over 50 points is really great - period". (For all I know, this may be how HN does it - I tend to read most comments already, so I'm not sure).