Link value is one useful value judgement, and by looking at this in tiers (ie. links from a site which in turn has a high number of inward links), additional benefits can be gained from this.
The problem is that many of the other strategies that we, as humans, use to make value judgements are not necessarily appropriate for machine systems. If "Rate this page" style apps were rolled out across the Web, maybe these values could be combined with link currency to come up with a more accurate "value" judgement. The other problem is that there are a number of granular audiences among web users - what is of value to one may not be of value to others.I've put up a few comments about reputation and trust called Trust Networks on this.