I think Google has an almost impossible task, that being to determine the quality of over a trillion web pages (and of course growing) using technology to do it, which is the only possible tactic they could use.
Looking at their recent moves, I think they are trying to get the user communities to help determine the quality of sites through the 1 + button, and the move to recognize social media signals ( and the Chrome browser changes).
I think that Google would like to reflect a non capitalistic, democratic ranking system, with safe guards for the new and smaller pages. Like our government was set up to do. And I think they are moving that direction.
The problems with this goes to the human condition. There are many who will always try and take advantage of a system (because we are capitalists at heart and that brings out the best and the worst in entities) and that Google is trying to find the balance between a capitalistic approach and a democratic approach. I don't think they can.
Ultimately the rankings are, in general today, controlled by money. Those entities that have money to spend on SEO and Internet Marketing are rewarded based on how wisely they spend that money. The results are not all that different than the old world Yellow page model. Big money, big advertisement,. first page. Limited budget,and you better find other ways to promote your service/product.
Even with the new changes, the 1+ and all that, lots of smart people will still be looking for ways to take advantage of them, and will undoubtedly find a few ways.
So all we can do, is decide what we are individually, and what tactics we will use to
to represent the side of the fence we choose to stand on.
( Bring in theme music here)