I think ribbons should be awarded for good work, not because they happen to have 3 ribbons to hang on quilts.
Personally, I like the point system better because it gives you better feedback on what was right and wrong about a quilt, but even then, it comes down to the judge's opinion.
I think all shows would be doing entrants a favor if they published the judging guidelines, if any. Sometimes it's hard to understand what the judge was thinking, but usually there is a reason why they rewarded one quilt and not another.