I think most people here realize that the content here is not simply whatever gets the most upvotes, there are fairly complicated rules and penalties that get applied (many of them automatically). If you want democracy, there are plenty of other venues for it. The value in HN is that the quality of content is high, and the moderation is a large reason for that.
I challenge you to show me another site that has as good a combination of quality articles and quality comments. I'm sure improvements can be made, and if you're paying any attention you'll note that improvements are being made (see the recent publication of the name of the main moderator so that we can ask him questions).
What HN is doing works. If you've got a better idea, show it to me.