I like this idea. I've often found projects that are useful or interesting, and clicking a "Follow" button doesn't seem like a fitting action. Ratings would let the community reward good developers and let the not-so-good developers know what they're doing wrong.
To give more "weight" to the system, GitHub users could have their average project ratings displayed on their profiles, and rankings / leaderboards could be generated. Users could receive badges, maybe: "Documenter of the Month — March 2011", etc.