Your vote here currently yields a lot of power and I suspect that this is part of the appeal to HN.
BTW, voting power could be reduced to enhance the quality of what gets to the front page by encouraging more people to vote on new submissions as reddit does. Namely, reddit shows a new submission at the top of the list on the front page to encourage more people to vote on it.
Maybe that points has already been passed, hard to tell, the line is pretty blurry.
The bigger power is the 'flag' option vs the voting, voting changes the ordering of things, flagging changes what gets to be voted on. But even that has its limits, http://news.ycombinator.com/item?id=823567 and http://news.ycombinator.com/item?id=823568 are still active three hours after being flagged.