/.'s moderation system sort of gives you this, but not the connection to the authors of the posts. You set a score threshold for visibility. The discussion system hides things below the threshold, but doesn't hide the thread itself (like reddit does, IIRC).
* (Score: 5) Some stuff
* (Score: 0) *Hidden*
* (Score: 4) Actually, if you read ...
* (Score: -1) *Hidden*
* (Score: 3) Blah blah blah
Posts are also moderated by kind (offtopic, funny, insightful, etc.)
So all those crappy first post and Natalie Portman posts were easily filtered out, and good (at least better) comments were left visible.
EDIT: Other things they did well:
Moderation was based on karma, a hidden score. Karma was calculated by several things, but the two key things were:
How were your posts moderated (better means better karma)
How were your moderations meta-moderated.
Meta-moderation: This was a really neat concept. Basically, people went back and (anonymous to both of you) rated a post's moderation as good or bad. That is, if you posted something genuinely useful or interesting but someone gave it a negative moderation, the meta-moderation system would (in theory) catch this. It didn't change the moderation, but it rated the moderators.
They also only allowed you to moderate in discussions you didn't comment in. If you commented, all your moderation was undone. And you had limited (5?) moderation points to use at a time. This prevented anyone from going on an abusive moderation streak (fuck that Jtsummers guy, I'm going to mark all his stuff down).