Corky, most of the other ranking systems don't use "virtual points" -- and they are unstable until the season progresses.Hans Koraeus wrote: Why should a ranking be unstable? Of course a ranking should be stable. I think you are wrong there.
You say taking into account someones capacity is misleading. And then think it is ok that Joe Nobody is #1 on the world ranking. Talk about misleading.
Example: Soccer league rankings
Start of season: All teams are tied for last place (and 1st place with 0 points)
Week 1: Approx 1/2 of the teams have 3 points (won), 1/2 of the teams have 0 points (lost), some with 1 point (tie)
Week 2: Teams now have 6 points (won 2); 4 points (1 win 1 tie); 3 points (one win); 2 points (2 ties), or 0 points (2 losses)
Eventually, as the season progresses the best team will have the most points.
Notice that in week 1, the WORST team COULD possibly be in 1st place. It is unstable. Everyone realizes that. You cannot know who is the best at the beginning of the season. That is the reason for having the contests over the season. If you already knew who was the best at the beginning, then why hold the contests?