Preference voting systems (either single member systems, like IRV, or multimember systems like STV) address the problem term limits try to address more directly.
To your point that the electoral system doesn't provide "meaningful choices," one suggestion I've always thought was interesting is Jonathan Bernstein's "floors, not ceilings" idea:
> No, the trouble in campaign finance that bothers me the most isn’t corruption, or the massive sums spent on presidential campaigns; it’s the fact that many Senate challengers and most House challengers can’t raise enough to run minimally viable campaigns. The solution to that, in my view is to put a layer of public financing as a floor for all major party congressional nominees, while loosening the rules to make it easier for them to raise larger amounts of money. Floors, not ceilings (plus meaningful disclosure).
http://www.washingtonpost.com/blogs/post-partisan/post/for-f...