Which is fine as far as it goes, but basically when you boil that down it's "don't screw up, or else."
That isn't what attracted me here. What attracted me here was reading interesting links and thought-provoking discussion, and thinking "man, I need to up my game so I can participate meaningfully".
If the goal is to have a members-only kind of retreat from the mundane, then I suppose the notion of creating an underclass of posters who don't even know they are being ignored makes sense. But in that case, why not take it a step further and just require applications and screen out members in the first place?
If the goal is to grow the site and generate more traffic, then I would submit that encouraging people to emulate quality contributors is a better approach... why not flip this algorithm on its head. Instead of hell-banning those who score poorly, add in a karma boost for those who score optimally... and an indicator on articles that meet the site criteria for quality.
People don't like to do as they're told, but they sure like to do what got somebody else a gold star.