I think there are some issues with the system overall. I wrote a blog post a little while ago talking about cryptocurrencies and the systematic flaws I personally have noticed. I also brought up what I see to be an issue on here, the fact that someone can effectively use their economic influence to "buy" power on here. Though I think the overall system is a great idea, I don't know how far we can get in another system where the richest hold the majority of the power and the content we see. After all, this is something we talk about every day in real life (people buying newspapers and controlling the content, large companies manipulating what they want us to see, etc). Of course, Steem and these people aren't large companies, but I think the idea of the richest controlling the content is the same.
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While at the same time the power is in the hands of a relative few, those with the most power also have the most to lose if the system fails. They also have the most to gain if the system succeeds.
The fact that people can buy Steem Power, I don't see as a problem, I see it as a feature. In fact, when someone buys Steem Power, they are benefiting everyone else involved in the Steem ecosystem, because they are the ones who are attributing value to the token. Without people buying Steem, Steem the token ceases to have value in the real world, and what you end up with is a Reddit where you can earn worthless digital tokens.