How could I possibly come up with a better system than that.. Absolutly amazing. I'm a convert!
You do know the classic "first-sorting" strategy for job application? You start by selecting 50% of the applications at random and bin them. Those are the unlucky ones, and you don't want to employ unlucky people, do you?
"Those are the unlucky ones, and you don't want to employ unlucky people, do you?"
Of course this assumes that you are not the unlucky one and tossing out the good candidates.
The best real grading system I ever encountered is the half-wit scale. The top scorer has all the wits and defines an A+. Half that score is a half-wit and defines an F. Percentiles rank the rest.