I'm voting no, but there's a proposed points system that I am interested in that seems to have been abandoned by the original poster. I suggest taking a look at it, as there was some discussion regarding how it could be implemented; perhaps the two ideas can be melded into something particularly interesting.
I do think that the ranks should become a measure of how frequently a particular player posts proposals and stays in touch with the group It should be pretty hard to rise through ranks.
A points system is a good measure of how good a player the individual is. Having both is a good idea, but no-one has made a particularly good case for how the points system should work yet!