Before favorite points were ever given on geocaching.com we had gcvote.com. Basically what gcvote.com is, is an extension for geocaching.com. It enables you the ability to rate the quality of caches. You add your vote with a single click and it displays the average of all quality votes received for any geocache.
I installed the plugin for Google Chrome and went to geocaching.com. Next to each cache listing is a five star rating. Some caches haven't been voted on yet, but I could see what people thought of some caches. I think the overall concept is good.
Now that geocaching.com has a 'favorites' point system for each cache, does this hinder how gcvote.com works. I don't think so. Both systems work. Each one has advantages and disadvantages. It really comes down to how you use them. It's all a matter of opi.