However: without the initial boost of making it to the home page, great posts tend to die off and don't even get a chance to win on merit.
Some data to confirm my point: my submissions typically either get 1 vote (mine), no matter how good they are, or get from 10 to 30 votes, based on their merit. There is no middle ground.
So I find it a little bit naive to believe that merit alone will win the day. On the other hand, as everyone else said, I don't want HN to turn into guild of ringers...