The altmeta in GC1 was run more as a short term comparison between players & empires, rather than a long term cumulative representation of score. There were monthly competitions between players and empires that used the data from the altmeta, and in at least one case even inter-faction competition within an empire.
This was certainly appealing to me, as a late-comer to GC1 who saw very little hope of ever reaching the dizzy heights of the real meta (although I did eventually reach 3rd place before realising that Technician was an unstoppable force). I am sure that something similar would encourage newer players (such as those that will arrive courtesy of DA) to join in the community more, as opposed to looking at their 10-15k early scores - then looking at the existing meta and thinking "what's the point"?
Yes, it would be great to "fix" the existing metaverse - but how? You are never going to please everyone, and numerous or regular recalcs just annoy many long term players rather than balance things for the newcomers. Better to just provide an alternative way - if there is the interest within the community to support such an idea and make it worthwhile for the effort involved (which I'm not convinced there is at this moment in time - most empires appear to be dormant).
I guess I was just getting a bit nostalgic with the whole idea - as we did have 8-10 very active empires at the time, and the "empires" section of the forums was the busiest - remember our 19,000+ post "Raven's Claw" thread.
