2/9/17: Will begin implementing this and rolling it out slowly. My music/ratings are going to look a mess for a bit until I go through everything and get it sorted out.
I've realized that more nuanced star ratings don't help me at all. What does the difference between a 2.5 and 3.5 album/movie really tell me? Not much, it turns out. When it comes to media (books, music, movies) I either don't like it, do like it but have no desire to watch/read/listen to it again, or like it enough that I want to keep/own it to enjoy it again. I just don't need 10 degrees of rating for this.
With that in mind, I've moved to using a 3-tier rating system:
1 star: Didn't like it, won't listen/watch again or recommend it
3 stars: Liked it enough to recommend it, but not enough to keep it
5 stars: Liked it enough to own it and enjoy it again.
While for many people 5 stars indicates a favorite, it's more useful to me to keep track of absolute favorites with tags or a list.