The problem was that there are deadbeat sellers out there, but buyers were afraid to call THEM out. Sellers have excessive power to destroy a buyer's rating in retaliation. I only have ONE neutral feedback, and that's because I gave a neutral to someone who scammed me with an item description. (I think "works!" means that it includes the wall-wart.) A ding against me is 1/70th of my feedback. I'm lucky that mine is high enough that it didn't bring my percentage down. The guy I dinged? 1/5300th of his feedback. My feedback meant nothing to him.
So, yeah... ebay feedback is totally broken, but taking it away is NOT the way to fix it. I do approve of the Detailed Seller Ratings that they put in May of 2007, though.