They just started this today, and honestly they're probably just copying the altcoin exchanges like CR and Mintpal, cause they had donation voting and clearly made quite a few BTCs off it. If Cryptsy, or any of these sites, really wanted it a bit more fair, they'd not allow donations and just do the 3 votes/day type thing. But, it's business, Cryptsy wants BTC trade volume so they make more in trade fees, and what better way to gauge which coins the whales want to play then letting their BTC speak for them. It's a win-win for big players like whales and Cryptsy, the best the little guy can do is follow along.
Cryptsy used to be a bit more reserved with their coin additions, them accepting AUR last week was the fastest I've ever seen a coin get on there by far. Cryptsy sees the profit potential in speculative new coins and doesn't wanna lose out on all that profit, can't blame em, though I hope they don't turn into just another exchange - I kinda liked having a crown-jewel of exchanges in the altcoin market. It adds some interesting dynamics to trading and timing your strategy. Cryptsy being somewhat exclusive was a great source of volatility for a coin once it did hit, and as a daytrader, I love the waves.
There are a couple of big dangers simply going the vote/buy votes/get listed method.
First off, nobody wants Cryptsy to turn into Cryptorush, with dozens of worthless coins on the exchange.
And the coin that wins the voting isn't necessarily the more worthy, nor would have the most volume over time. It's not the best way to gauge the coins that the whales want... it's the best way to gauge what coins the whales want to pump and dump... and then leave for dead.
