Well, twelve hours ago or so I suggested the quintile idea. So I feel qualified to vehemently disagree with myself. ;)
On second thought, the problem with the quintile idea is that it presumes that every thread has an equal distribution of valuable contributions, middling contributions, and lousy contributions. But we don't want to rule out (e.g.) the possibility that an entire thread might be great and that every post deserves a dot.
Moreover, the quintile idea retains aspects of the piling-on problem: A sufficient quantity of super-upvoted comments will push other worthy comments out of the top quintiles.
Finally, quintiles are just way too complicated.
So I'm prepared to believe that I was wrong twelve hours ago. I like the threshold idea. Especially because the threshold can be tuned. If 5 isn't enough it can be turned up to 11 by a well-meaning moderator, acting at the appropriate time.