The Ranking idea is absolutely horrible. Let's say you only support one party? Is your ballot spoiled if you don't provide a second choice?
The ranking system could allow a candidate that is the first choice of very few people win because the most people don't find him totally objectionable. For example if I HAD to rank the major parties I might to put the Liberals second, but what if I don't want them to win and they have more perceived support than the NDP? I would never put the Liberals second, I would always put the NDP second in-order to dimish the Liberals chance or winning. So with this system you're more voting for who want to lose more than who you want to win. How many people who hate the Conservatives would put them last (behind the Communist party and the Christian Heritage Party just to keep them from being elected)
It's a system fraught with problems and I hope it never sees the light of day.