A rating system is good.
But it won't replace the award system.
Why?
Never change a running system.
If TM was a new game and mx a new site and we'd debate about it, it would be an open race whether we decide for awards or rating.
But neither TM nor mx are newcomers. (t)mx has grown to a big and successful site within the TM community. And it didn't have all the other features we have now. So, believe it or not, people obviously like it.
Awards are a significant part of this site. They've always been. It won't be changed.
Simply removing awards is the worst idea of all. It wouldn't lead to more feedback. It would lead to disorientation, frustration, less downloads, less activity, less authors and tracks, etc..
If you're s