On Stack Overflow, at its core, you have posts, and people reply to that post. That's fine. You can do that whether you're logged in or not (although you need an OpenID provider to sign up, which is a pain when it /could/ partner with a provider to seamlessly give you one on registering).
You can mod up and down the posts. And mod up and down the comments. But only if you have a certain amount of karma for each. But the selected answer by the author of the question is at the top, ignoring the karma completely.
You can have favourites. But only if you're logged in, despite the fact you can submit posts whether you are or aren't.
And then you have comments on each post. But you have to click to view the comments. And you can only add comments if you have a certain amount of karma. This kills a lot of conversation needlessly.
And you can edit other people's posts - if you have a certain amount of karma.
And you can flag posts, but only if you're logged in.
And then too often you view posts that make no sense until you see the context which is buried amongst the tags, rather than the site being naturally split into natural obvious 'sections' which will interest people who know about certain technologies.
It's all very confusing, and completely needless. Hide things or at least make it obvious what I can't use before clicking. Reduce the arbitrary karma limits to add more distinct classes so that the majority have equal abilities.