Now, that's a good argument for not having a downmod button. But not having a downmod button for avoiding wasting the people energy? That's what I don't agree with.
What I do believe is that content can get better if people actively submit more articles (so spending a little more energy in the site), not only by voting the articles in the new queue.
Anyway I have the feeling that the quality of articles in the site isn't always getting worse... these days I'm quite happy about it.