It's a problem - there are so many things on HN that I miss because there are so many submissions, interesting ones often slide off the "Newest" page without getting to the Front Page, and so they never get the attention they deserve.
On the other hand, some interesting things get submitted more than once because it gets missed the first time, so it gets a second chance, but the re-submissions cause two problems. The first is that it makes things fall off the "Newest" page faster. The second is that discussions sometimes get split across multiple pages, wasting time and effort.
Exactly, the fact that the content isn't really monitored or classified into sections makes it interesting because you end up reading about any kind of topic but the rate at which submissions are made makes it difficult to reward the best ones by putting them on the front page.
Maybe limit the amount of submissions each person can make per day...I guess it really depends on what each one of us finds interesing ;)
