At my student's union, we pick who we want to vote for (can be as little as one person) and then rank them: say if you pick 3 people, your favourite gets 3 points, 2nd gets 2 and least gets 1. I think that this is a great way of voting myself, but I've never really subjected it to any kind of proper statistical analysis. I also think you'd get a much higher turnout for votes if you put a little box that said "I think all the candidates suck", or words to that effect.
And yes, I think the US scheme of voting does suck immensely, as demonstrated brilliantly by the 2000 elections.