Actually, it's worse, because there are no positive votes and people who are calm tend to not use it as much, since there's really little point in not seeing certain posts. Plus, being more active automatically makes you "darker" due to noise.
Obviously I'm against this for personal reasons, but it is also quite clear that the behavior of this feature isn't good. I'd prefer a plain web of trust, where people can't just mark an unlimited amount of others as bad anonymously. People who understand ignore the new system, newbies are confused, and we're back where we started.
Really, if someone wants to mark me for the flamewar, just do it by hand. If you see hordes trolling, just temp-ban them until they stop. Those are methods that actually work, this one is a designed exploit.