As right now, Stack Overflow Moderator Election 2012 is going on, I found one thing missing over there which is Vote count for/against the particular nomination.
Here on the election page, you can see we have to comment something like "My vote is for you or against" and then people will give upvote to this comment if they agree, otherwise will give comment with "My vote is against you" or an argument.
So I would suggest to have "Vote up/down" system the same as we do for Question/Answers. So that people can give just cast their vote for the particular nomination without commenting more. And I think it would play a major role in electing a particular person based on the positive voting count.
I hope I am clear about my suggestion.