Well I have never thought about these facts. I think you are right about it. It will have more drawbacks to the newbees other than helping them. But as Pete advised it can be a good tip/trick or article. I will work on it and when I prepare it i will share it to public.
The maths is designed to recognise the reputation of the "bigger hitters" of Code Project. This means that a +5 from someone like myself will count more for your article than an account that was created 10 minutes ago. One of the reasons for this is so that people get rewarded more, the more they contribute - and your article/tip/whatever vote gets a heavier weight vote which people should trust more.
*pre-emptive celebratory nipple tassle jiggle* - Sean Ewington