I've said it once and I'll say it again, Democracy is a retarded system.
Democracy is not perfect, though I would not go that far and call the whole system retarded. I agree with you on the fact that the voting system is flawed. Media can manipulate opinions, candidates that have more funds to conduct a "loud" campaign have higher chances to get elected...In some poor countries it takes just a few pounds of flour and a bottle of soja oil to buy a vote, in others a handshake in a market or a gentle pat on the shoulder will do.
It is frustrating when democratic elections lead to presidents like G. W. Bush or allow some terrorist movements to get access to power. In those dark moments, I wished that those nations had a merciless dictator instead. Though, time proved that I was wrong. Better candidates end up being elected in these countries. You cannot fool all the people all the time in a democratic system, that's the beauty of it.
At one point, I was thinking of a weighted voting system, similar to those used in condo buildings. Though, such system is discriminatory. On which criteria will those weights be assigned : education, political awareness, will you have citizens write political awareness tests...?
There is this anecdote about the famous logician and mathematician Kurt Godel. While preparing for his citizenship exam, Godel found a loophole in the constitution of the United States that allowed someone to set a dictatorship in the U.S. without violating any of the constitution's acts. Godel was so excited about his finding and tried naively to share it with the immigration officer. Fortunately, his friend Einstein ushered him out of the examination room. Bottom line, no democracy is perfect.
Democracy comes with many goodies though. As Sidney mentioned above, it comes with freedom of speech and this is crucial. It is true that people may be manipulated by mainstream media. Though, it is harder and harder now to manipulate the masses as social networks took over mainstream media. Information flows more freely in this digital age and cannot be controlled as easily as it used to. So I am optimistic and convinced that this will prevent more and more undeserving candidates from getting access to governance.
Finally, I will take Democracy (despite its flaws) over Dictatorship any day of the week.