The U.S. constitution still has its problems (the Electoral College turned out to be a stupid idea, and the requirement that each state have equal representation in the Senate is also problematic), but it seems to have worked well enough...
You'd expect the CEV's performance to be within those parameters. But I have one question: when can one decide to abolish either of those, and replace it with a new system entirely? Sometimes it is better to restart from scratch.
I have found this most wonderful (if fairly lengthy) article, and thought you would enjoy having it brought to your attention.
It is so good, I think we should include it among the references in the "Politics is the Mind Killer" wiki page. But, before that, I submit it to you, and ask you: is there anything in this article that would warrant its exclusion from this site? I mean, besides the fact that it is about politics, and written by a notorious Social-democrat (And is that in itself grounds for exclusion?).