I'd like to see these alternate algorithms implemented. The API exists - and isn't that really the only way to ultimately judge if it's better or worse?
Another random idea: have the parameters affecting rankings be visible and adjustable with interactive sliders- so you could customize the various weights to try to attain the ideal mix of stories for you.
Or does that defeat the purpose. Is the joy of HN in knowing that when a story reaches the front page, you know it's on everyone's front page...