I've also noticed a lack of interesting articles on the front page ever since pg's "troll" essay. The current general hubbub over zoo vs savanna comparisons takes up too many slots.
I think there are a couple ways to go. One thing to try is to show points, but no upvoting on the front page, and allow voting on the 'new' section, but no point totals. That way, articles that that get upvoted are interesting articles from people browsing new articles. Without the influence of points tallys, people will be voting more or less independently.
As it stands now, social news isn't a 'wisdom of the crowds' sort of thing, but more like a positive feedback system that relies on a catchy title and a chance on the front page. This probably makes it more of a hit-or-miss for good articles.
Secondly, as any community gets bigger, the common ground between them gets smaller. There was some quote about television being stupid and inane, not because people that watch it are stupid and inane, but that the common interests we have are stupid, but our refined tastes are varied.
I find myself upvoting very little on the front page now, and the I have to spend time scouring the 'new' section to find the interesting stuff. To be honest, I see no reason why we shouldn't fragment the top news. This isn't like a newspaper where we only have one page to print on. However, I don't mean, breaking it up into "subHNs" like reddit did.
I mean, I should be able to alter the weighing of the front page. The simplest scheme would be to allow a user to follow certain people's submits. I regularly like nickb (other than his xkcd submits) and chaostheory's submits, but not as much edw519. A mere difference in taste. However, my own news snobbery shouldn't affect what goes on the front page. Everyone then has their own 'view' of the top news. That way, if Hacker News sucks ass for you, it's because you voted for "haha news" and followed submitters' articles that you don't actually find interesting.
One of the arguments against this is that the articles would homogenize, because people would follow the same types of things. Though potentially computationally expensive, one might be able to characterize a user based on the articles submitted/voted in some parameter space, and then you can show a distance measure between this user vs you and all the people you follow.