How long should the period between voting be? (Currently at 10 minutes)
Less than 10 minutes, I agree.
How many posts should be required of a user before they can vote? (Currently at 100 posts)
Yes, I think this is good. Let them work for privileges.

Should karma be displayed as a total only or separately as a ratio of good karma to bad karma? (Currently displayed only as a total)
I like the idea of a ratio.
What should the terms be for good/bad karma? (Currently "applaud"/"smite", respectively)
I love the word smite...cracks me up. I can't really think of another word besides applaud... I guess it works.