We made some simple rules and invited some of the best (and older) users to became the "first generation". After that it's almost automatic.
We use an algorithm - not perfect, but sufficient - to give grades from A to F to the students (we call them "Nolyoni" - students in Quenya, one of the languages created by J. R. R. Tolkien) in a bi-weekly basis. The promotion to master ("Saitor", also in Quenya) is after some weeks obtaining good grades. There is a custom userfield in the postbit that shows the rank.
And better: all the users try to make good posts, to receive a good grade =]
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