I think that it works decently, even in the current incarnation. Now it's a tool so a commander can manage to communicate more effectively by having text that doesn't drown in the spam.
Also, trolls get commander less and less, as players quickly learn who NOT to vote for.
Now, if we would get that W:L Ratio fixed! (chadz, harald, Ozin!)
We could actually judge the quality of the commander as we go..