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I think the hubski idea is scale-able. Structurally it is the same as twitter.
Because of this I think Twitter problems are more likely than Reddit problems. Twitter has super twits but if you don't like them just don't follow them. I think you have a point that hubski could promote super-users and cults of personality @kleinbloo@ an mk have around 6 times as many followers as I do the thing is there is hardly a split as a 3rd of my followers also follow klein and half follow mk. The system is too porous to allow tightly controlled fiefdoms.
There is power to high follower counts but not really any control.