What do you think of the SG contributor system?

We're working on a number of major updates to the community, and the contributor system is one that we go back and forth on quite a bit. Let's start with a simple poll.

Edit: Currently the results are roughly 66% for keeping the contributor system, and 34% for removing. I looked into the users voting to see if there were any interesting trends. I looked at only votes from contributors, votes from users that have contributed $100+, $1,000+, users that have been registered for more than a year, etc. No interesting data though, they were all similar to the existing results, with roughly 2/3 for keeping it, and 1/3 for removing.