only comment without links up to 10 karma,
submit at 20 karma,
comment with links at 50 karma, etc.
sounds like a pretty reasonable approach.Initially one proves themselves in discussion, then they can bring new ideas to the table. By setting the limits at relatively low levels it doesn't discourage new participants.
As a relatively new member of the community, I believe that this is important because you don't want the community to become static any more than you want to get overrun a la digg, reddit, etc.
A few days registration won't work, though, because the bad guys will just start setting up accounts, keeping them dormant for the waiting period, and then do their dastardly deeds. Besides, karma is a better measure than seniority.