That's precisely what my metric is intended to measure. The community derives quality of individual comments. The article explains why measuring mean, top, or bottom comment karma is a flawed approach. By measuring what we might call an "enchanced Sharpe" [1], we encourage consistent, high-quality engagement.
I suppose I'm not really understanding what your issue is with the formula. It's certainly not trying to "define away" some social problem-- how users vote, which articles make it to the front page, etc., is an exercise left to the reader. The only thing this metric is intended to do is replace the total score shown in the top right with one that better reflects your contribution to the community.
[1] Or just the Tansey Ratio, if it's not too presumptuous.