I voted NO only because I think it will be abused. I don't think individuals voting for each other will be done in a fair way (strictly speaking). Mates voting for mates etc. Although I do like the overall idea I just think it wouldn't work.
Also if someone didn't like someone else then they may add a negative mark against them even if they didn't deserve it.
How will you know the whole process is done in a fair way? Also it may create competition amongt each other, which can be a good thing but alternatively it can be bad.
I would love to be proved wrong though so a trial period maybe in order.