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I think this is sort of inevitable. It is difficult to check a long and involved argument so few people will do it, even if those are some of the best answers on MO and the ones we should be working hardest to encourage. So instead we rely on various heuristics.
The best way to combat this, in my opinion, is for people to endorse answers they think are really good in the comments.
See also http://tea.mathoverflow.net/discussion/444/idle-speculation-on-voting-habits/
In that thread, I proposed the experiment of hiding the score of each post to see if it would change voting habits, but it didn't seem reasonable to impose something like that on Joe User, especially since running social experiments is completely orthogonal to MO's purpose. But now that the issue comes up again, I realize that there's nothing wrong with giving people the option of running the experiment for themselves. So I added a bit of javascript that hides votecounts based on a preference cookie. You can set the cookie by visiting the preference tab in your profile page (you may need to clear your browser cache first so that you download the new javascript).
Since obfuscating the votecounts is done entirely client-side and I can't in any way know who sets the preference cookie, I won't be able to collect any hard data about how it changes people's voting habits, but I'd be curious to hear reports from people who use this "feature."
There's a better (non-javascript) way to implement this by customizing the css your browser uses when you visit MO (see this post for details), so I don't promise to keep this feature around. For now, I don't see any harm in it.
I agree with Qiaochu that to an extent this phenomenon is inevitable (and I also think that it's not especially pernicious.)
But there are some things one can do to combat it.
If I see a very specific, technical question, then I tend to vote it up if it is coherently worded and nontrivial, especially if it has few upvotes. An upvote here doesn't necessarily mean that I myself am interested in the question, but rather that it has the form of questions that I would like to see more of on MO. We've gotten pretty good at discouraging questions like "What kind of mouthwash do mathematicians use?" We could be a little better at encouraging questions like "Under what conditions does this spectral sequence degenerate?"
If I have taken the time to read through a somewhat complicated (correct) answer, then I may leave a comment indicating that I like it (and, implicitly, that I am vouching for it). If someone else that I respect does the same thing, then I may sometimes upvote an answer that sounds good even if I haven't checked it. This goes somewhat against my ingrained instincts, but an anonymous upvote is certainly not a certificate of correctness, and this site gets enough attention so that if there is an error in an answer it will probably come out sooner rather than later.
For what it's worth, I think the problem is much more severe on math.SE. In general that site seems seriously undervoted. My guess is that many of the "answerers" who are active on that site are not in the habit of voting up a question that are well-formed and demonstrate thought and effort on the part of the questioner, whereas most of the "askers" on the site vote up questions that they can understand. As a result, if you ask a question about how to evaluate a particular indeterminate form, you are likely to receive more upvotes than if you ask a question about class field theory which would give most professional number theorists some pause.
@Pete: I think one has to conceive of voting as having a different purpose on math.SE. Ultimately it is a signifier that the community finds a question or answer interesting and/or educational, and so it's not surprising that a question about class field theory isn't going to be well-received by that particular community. (Such a question should just be asked on MO instead!)
Michael, I don't know what question and what answer you are talking about, but at the moment you are coming across as one of the hottest among those hotheads.
@Gerry: There are some of both in just about every walk of life. To the extent that one sees more of that here than elsewhere, I would point to the nature of internet interactions rather than MO per se.
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