Voluntary voting will always lead to disparity among content. People are pretty horrible at determining somethings value and we certainly can't see everything. Community consensus through automated processes would go much farther, and I wouldn't be surprised if something like this is already in development.
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True! Whales and dolphins who have much invested would be wise to delegate certain people to find good content, flag poor content, and only regularly upvote things that can't be found elsewhere. It's true that there is so much content that if you have not established yourself and have people reading most of your posts, it's likely it may fall to the bottom even if it has a great idea or way of presenting something. To be scalable things will need to be changed, because right now it would be very difficult if there were soon 1 million users with rapid non stop content like twitter. I don't know how to achieve this, but better minds than mine I'm sure are figuring this out, as I'm sure they knew users would continue to want to sign up and tell their friends.