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I think Randall Munroe did a pretty great job with reddit's 'best' comment ranking[1]. Hopefully youtube will be using something similar.

Specifically, the sorting algorithm as described by Edwin Wilson (1927) (http://en.wikipedia.org/wiki/Binomial_proportion_confidence_...) and a more technical digest of the Reddit implementation by Amir Salihefendic (http://amix.dk/blog/post/19588).

To be clear, Randy didn't come up with the algo -- he just pushed really hard to get it implemented. It's a pretty well known algo.