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That's an interesting question.
If every user has a different preferred post ordering
This may be a little closer to what SN was like before trust was removed in December. I'm no engineer, but it seems like you couldn't achieve personalized ranking solely by using sats.
Currently on SN, if you zap a post and refresh the home page, you can see it move up the rankings. Whatever else it is, this seems like a transparent system.
I think that personalized front pages would necessarily be more opaque as to what kind of posts reach the front page.
I wonder if it is a necessary side effect of money as the moderator that it produces global ordering.
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Does SN have to solve the problem of producing one global ordering for posts as a social choice function?
There is only one president after the election (or one MVP in the NBA), but must SN produce one post at the top of a single list?
If every user has a different preferred post ordering, can't each user get their ordering, for themselves?