It's an appealing idea, this way people can choose to focus on positivy(upvoting) or policing(flagging). It might be able to work with some great synergy.
But. What will happen when certain powerful groups use this to silence others? Might result in very terrible censure.
What do you think about the downsides?
I just edited the post with a safeguards section. But essentially the system would require multiple confirmations (yes or no votes) on a queue item and it wouldn't matter what your Steem power is, if you misvote and everyone else confirms it's a valid submission and you didn't, you would be penalised under the new proposed system.
I think there are probably downsides that have yet to be discovered, I can't think of any at the moment. I feel as though a consensus type voting queue that rewards valid submissions and penalises invalid ones would work quite efficiently.
Now getting it to work with the Steem blockchain and with Steemit, that is where the real challenge is.