I do agree resetting the ratings at every update is a big hassle. I wonder why Apple doesn't have the reviewer determine whether or not the rating should be reset. Perhaps that would introduce too much power to the reviewer(s?).
Every update may be a bit excessive, but it's better than never. A review is made at a point in time and a product can get better or worse over time. If I ever get begged for stars though the app gets one star.
Do you think it's a fantastic experience because it's simple?
I know that most people that post on HN are early adopters and trend toward power users, but they also use a lot more apps in total than my casual computer-using friends.