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I read (or at least skim) Amazon reviews rather than just looking at the number. It's much more useful that way, as you can take in to account differing tastes.
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Amazon has a good system in that in addition to the stars, they show both the highest rating and lowest rating reviews on the front page to give you a clear model of both opinions. I'm fond of Pro/Con reviews in general, but again, that takes more critical thinking than "thumbs up/down".
Like I said, if the thing being reviewed is of little consequence or importance, a binary reviewing system is acceptible. I just don't want it to catch on in places where it shouldn't just because it's
lazy convenient.