Sort of, but the ignore system makes it so that their posts can't make it to my feed, and I'm not going to see them in my posts. So I've done that too.
I thought you could ignore particular tags, so that say - if you've got someone who post half good content, half circlejerking - only the good stuff will show up. Still seems like it would be a good fix, provided people use the correct tags. It'd at least be worth a shot, before throwing the baby out with the bathwater.
Since tags are easier to make than they are to block, it's safer to ignore a user than a tag. And jerkers are anything but consistent with tags. #circlejerk, #redditjerk, #test... it goes on and on and on. Why would I bother with someone whose interests run so completely counter to what I want to use this site for? Why wouldn't I throw the baby out with the bathwater when there are so many babies and so much bathwater? Well, I'm talking to you right now and I have you ignored. It's not like I'll never see these people- we'll have some posts in common and when someone seems like not a jerk and I have them ignored, I'll look into their shares and if they're overwhelmingly sharing good content, then I'll follow them and think I was wrong.