I don't think I would like the ranking system and I know I'm just repeating some of what's already be said but these are my feelings. If I worked hard on something and felt that it was the best I could do and then had others rank it low, I would feel terrible and probably would consider not swapping in a ranked swap again. I don't think you can judge an item by a picture. I know that I have received some very nice things that didn't look great in their picture and I would feel horrible for the person sending it to me to be ranked low because of my poor quality photo. I think a ranking system would cause many people to hestitate or not participate at all.
I just organized my first swap (no flakers, thankfully) and before I started I asked the mods some questions about feedback and then came up with my system, which I fully outlined in the first page of the swap. I think if more organizers of swaps used the feedback system properly, it would be better. Tell the participants in your swap what kind of feedback you are planning to leave (such as great swapper if all the 'rules' were followed, late with no communication, late but communicated, etc.) I'm a little unsure, at this point, how to handle complaints from swappers about not being happy with what they got. I did get a complaint from someone unhappy with what they received but after reading her comments and looking at the picture of what she got, decided there was nothing I could do - the sender followed all the guidelines and it was more a case of taste on the receivers part. I don't mind if someone complains to me if I am organizing - they need somewhere to share their opinion and I would rather it be to me than on the thread or to their partner. I've received items I didn't like or thought were very poor quality and just ranted to my hubby and threw the item out.
Just my opinion and I'm going to be interested in seeing what others have to say on this thread