I'm not sure if you're trying to imply that this is bad gamification. With bad gamification, I feel like I'm slaving away in order to achieve something stupid. Like - Hooray, my orc is level 50! Well, so what?
With coderwall, there's no way I'm going to alter my behavior in order to get badges on it. But it's fun - very fun - to see what badges appear, and to compare myself to other people. Coding is something that's already super personal, it's something people do for fun already, and thus I find it very unlikely that someone's going to come away from coderwall feeling something like, "I just slaved away on this code that was exciting to create and all I got was this stupid badge. Damn you coderwall! Damn you for manipulating me into doing something I'm proud of!"
My experience with coderwall was that it was very amusing to see the badges I'd gotten, and the fact that I had more than some people I know provided me with data for gloating. But will it send me on a downward spiral, making me grind away at programming so that I can get the "Forked 500" badge while I increasingly lose contact with reality? Will it make me feel like I've been gamed when I do someday create a project that's been forked 500 times? I doubt it.
Then again that is a pretty awesome looking badge.