One thing I have noticed is a consistent desire for the community to "meta discuss" how the board is doing -- much to the annoyance of others. (yes, this is a comment about meta comments, which makes it a meta meta) I'm not sure any of these conversations have kept the board from getting worse quicker or not -- it's impossible to measure something that didn't happen.
There seems to be common "games" you can play on boards like this, whether you're into game-playing or not. Edw519 has a tendency to come up with pithy quips that the majority of readers would like, thereby gaining his comments a lot upvotes. People who comment early get the "pile on" effect.
I know PG has tweaked the algorithm some to combat this, but all it's really done for me is to put rather worthless comments up above more interesting ones, so for me it makes the board less valuable.
At the end of the day, I think 3 things: 1)karma matters, whether you like it or not, 2) people play games with karma, and 3) you can only play so many quality-enhancing games: as the crowd grows outlying players are left with "cheap and dirty" games which work every so often.