Not a full review, here, but the preceding is the most-accurate one sentence summary of an article I've ever seen. Bravo.
Ratings Explanation
The following components make up a rating:
Ratings. The ratings that users enter
into this index are each averaged into the final rating with a weight of
between 0 and 4, with weight based on trust algorithms.
Reviews. Each review is averaged into the
final rating with a weight of 8. Sometimes reviews can skew high, but they
also display fan interest (or disdain) in a product.
Content. The average rating of each
content--before its own bayesian weight is inserted--is averaged into
the final rating. The weight of a content is equal to its own weight
divided by the number of contents, and divided again if it only
appears in a fraction of editions.
Bayesian Weight. A rating of 5.00 is inserted into the final rating with a weight
of 35. This is an arbitrary weighting of
the average rating that keeps things toward the center until they're
better rated.
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