Yes, there is some truth to what you say here, merit is not a measuring stick for quality of posts, but it is a good indicator and will give you an idea as to whether the post you are reading is likely to be of good quality. I have observed, however, that there is no standard or clear guidelines that governs posts that generate merit. You will have to judge for yourself whether the post you are reading is worthwhile or not. For example, we have posts that have received a lot of merits but in reality, they are not so good and some that are truly crappy. It is important to be aware of that when reading posts. Don't take everything on face value. So, I don't judge posts based solely on merit, I consider the content quality as well as engagement.
Is a system like this feasible,and can we see something like this implemented in the near future ?
No, I do not think something like this will ever be implemented on a bitcointalk forum. For starters, this would mean favoring posts from an elite group of members (high-ranking members usually get more merits than newcomers). Secondly, such a system could be easily manipulated in threads that typically do not attract a lot of merits. Thirdly, such a system would require an "us" versus "them" mindset, which is contrary to what bitcointalk stands for.