I can see possibly needing to adjust the rate at which points get added, but think about upvotes for a minute. How often are non-obvious spam and meme posts really downvoted on Reddit?
Why do you think so many subreddits have gone the self post only route? I think it's an interesting choice to create a rule in a community that discourages posting links on a link aggregation site.
I honestly think reddit has grown beyond itself and the scope of what it was designed to do. I still like reddit, and I frequent it a lot. I just think it has a few issues because of its organic growth.