There are many dangers to this as well. Fundamentally, as soon as people are aware of the power they hold it will get abused. See: digg bury teams, reddit circle jerks, SEO link farms, etc. And the smaller the number of people that have the power the more likely, more dangerous, and more harmful their abuses can get.
I think the cases that Google breaks is that some people figure out some trick/technique that lets them become a small power circle, which they then obviously abuse. When Google works it's because they're able to algorithmically spread the power around and at scale see what is quality and what isn't. Therefore I think the better strategy isn't to concentrate power even within an "elite" class, in fact it's the complete opposite, it should be how to make sure the power is spread within the masses quite evenly.
I think the cases that Google breaks is that some people figure out some trick/technique that lets them become a small power circle, which they then obviously abuse. When Google works it's because they're able to algorithmically spread the power around and at scale see what is quality and what isn't. Therefore I think the better strategy isn't to concentrate power even within an "elite" class, in fact it's the complete opposite, it should be how to make sure the power is spread within the masses quite evenly.