I agree, I think the best thing about the Likes is that they get people to post and to check back - and then receiving them motivates people to post some more. (Until they're trapped in a vicious cycle of posting and checking and they've let their work slide because they can not break the habit.... heh.) That is the brilliance of the Likes.
Turning them into some kind of a popularity meter, by putting the "most liked" threads, posts and posters front and center, would totally negate all the positive reinforcement that they generate.
A members with most likes page would create nothing but nepotism between members. It would be about getting on that page instead of posting good content.
A content with most likes page however could work in some communities, but this should be an optional modification IMO.
I agree that the best solution would be the one proposed by Kier. Because the last thing we need is another worthless reputation/karma system. Personally I think removing the public showing of like points (member cards, profile pages...) would be even better.
I like the likes (see what I did there? ). I did think I'd like to see a list of most liked members available but I take the points above this could be counterproductive. But the most liked post/thread would be nice though.
An overall page of results could be fun for some sites, I can see the value in that, but it would be better if user-groups could be excluded from the results page, personally I would like to remove myself from the results page and make it for members not Admin. A bit like the set-up Marius has for his Experience mod, the set-up for that mod is wonderful.