This solution does not promote voting for new users/new content. It promotes voting only the people who have been around a long time, who have what seem like reliable reputations.

100% this.

I was informed by marky that upvoting accounts with low rep would not hurt my rep. Apparently that's not necessarily the case.

I think it's amazing how these vigilantes keep changing "the rules" and yet, they still claim there are no "rules".