I agree with each and every point. The one barrier preventing its success is that we all happen to be human. The scientific method is the best tool to fight against ourselves but it cannot prevent our greed and desire for profit, for example, which breeds competition, which breeds snide attempts at bias and thus lower quality, and other forms of misinformation and the system collapses once more!

So indeed a more thorough, fool-proof system needs to be implemented, which would take a lot more pondering than what I've laid out here!