Not especially - while it removes the disincentives to posting, it also removes the incentives. If I write something, half my motivation is to increase my status and be appreciated (the other half being altruistic - and I'm not sure it's actually "half"). Unless, of course, the writer's group was exclusive in membership and belonging to it were already high-status, but that's probably not the ideal direction to go.
I figured you'd probably say that, but I didn't want to assume my guess was correct. I don't have much inhibition about posting, myself, so I am not entirely sure I understand other's inhibitions.
Ever since Eliezer, Yvain, and myself stopped posting regularly, LW's front page has mostly been populated by meta posts. (The Discussion section is still abuzz with interesting content, though, including original research.)
Luckily, many LWers are posting potentially front-page-worthy content to their own blogs.
Below are some recent-ish highlights outside Less Wrong, for your reading enjoyment. I've added an * to my personal favorites.
Overcoming Bias (Robin Hanson, Rob Wiblin, Katja Grace, Carl Shulman)