> "Who is rating the raters?"

Netflix does. By cross referencing your likes and dislikes against those of your fellow Netflix members, the company is able to create a meta rating system, in which the score you see for a movie is your own. You see that score because that's how much Netflix thinks you'll like it, based on how similar people liked it.

This is the only good way of going about this method. The trick is, it's easy to do this with movies, but much more difficult with product ratings and the like. Maybe this is an opportunity for someone to build something on top of Facebook or Amazon.