The system is great and
if implemented in
true sense without
favourism can only benefit for everyone.
Prediction:Its Just the first day of this system but come back here after a month or so and you will see Jr Member and all other ranks will stuck at where they are and all those Selfish DT Members (Lunda / Pharmist / Actmyname etc) + Not Selfish DT Members + few good friends of them will have buckets full of merits and bitcointalk will be for those only 500 to 600 Users.
Now you see a spam by the Selffish DT members that
"Improve your post quality" And we will still tag you
Shit Poster 
So no need to debate on this, just come back after a month on this and check the merits of everyone
Anyways now coming for the help of Ordinary public of bitcointalk, I have just one suggestion , Can we lower the number of the merits in order to achieve Ranks.
I mean if a Member needs 10 then why not
Full Member 20
Sr. Member 30
Hero Member 40
Legand 50
Of course only a good poster will first get 10 points to become member and time it take to achieve Hero to Leg. is still that same 1.3 to 2 years.
Though I am a Full Member and its going to take a long long time for me to achieve the merit system required to grab the next rank, but again, the suggestion posted makes no sense.
There is a reason the "Newbies/Jr Member" have the tag, cause they are New and they need to learn and hence they deserve to get a better rank on a lower metrics score so that they will be encouraged to post more quality posts.
On the other side, "Full/Sr" Members are in the forum from at least 4 months+, they should have used the time and space for learning instead of doing shit posting. They had enough time and encouragement and are expected to write way better quality posts then the Newbies/Jr Members.
Over the time, people have started utilizing the forum just for the sake of bounties and have forgotten the real reason behind establishment of this forum. The new merit system will bring a lot of sense to these guys and encourage them on working on there understanding/learning/knowledge base.