No it isn't the best way because then it becomes exactly like RT. There are movies that are 100% on RT, doesn't mean they're the best movies ever, it just means everyone liked it. But everyone liking a movie doesn't tell you how much they liked it and whether it's just a good movie or it's the best movie of all-time.
A 10 star rating system would do a better job at telling you that if people actually rated intelligently. You don't rate something a 1 just because you didn't like it. There are plenty of movies I didn't like but it doesn't mean they all sucked the same. Some were just not that good, some were absolutely friggin aweful. Rating both of them a 1 is where ratings would get skewered. You have 10 stars for a reason, you should be making use of all of them. 1 should be one of the worst movies you've ever seen, 2~4 should range from terrible to below average, 5 should be average, 6 should be okay, 7 should be good, 8 should be great, 9 should be amazing and 10 should be one of the best you've ever seen. This is how I take advantage of this rating system and this is how people should be rating movies on here.
I don't win, I don't eat.