This misaligned incentive can be fixed by weighting shares by their difficulty times the block reward they would have generated. Pretty simple. As it affects payment calculations, which need to be precise down to the satoshi, t's a completely backwards-incompatible change, but that's something I want for this fork anyway. Yay!
I can't wait to exploit this!
P2Pool doesn't validate the block reward because of the significant resource usage of querying the UTXO set so it relies on miner honesty. I guess while hardcoding the new txns/share size limit to 1MB I could also hardcode the reward to 10M BTC! Let the free market decide!