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RE: Thinking about the Australian Electoral system....
Aw man, I could go on for a long time about various democratic systems as well. I grew up with the Canadian system and now live with the American system and, like you, I will say that every system has it's strengths and weaknesses. Ultimately, however, every system requires the attendance of the electorate to participate in an educated manner.
I've had an idea that would require anyone who wishes to vote to take a civics exam every X number of years. Nothing too difficult, but perhaps similar to an exam a new Citizen would need to take. In the US, at least, if you don't know how many States are in the Union, in my opinion, you should definitely not be allowed to vote.
Yes... something like a civics exam would be a really good thing... however, I guess that does disadvantage some people who might not have the time to actually attend the exam (yes, I know it could be done over the internet... but even then... people procrastinate if they don't find it important...).
Interestingly enough... often it is new migrants who will know more about a country than the people who had to grow up there... mostly due to the civics knowledge requirement of becoming a citizen.