The prominent "xx edits made" really bugs me, as do all numerical "ranks".
On forums, "post count" is a common fixture, which encourages people to make more posts - increasing the noise to signal ratio because the forum will always have people making meaningless posts.
I don't use xbox live, but I think the "gamerscore" thing is a stupid idea as well: it should be a percentage. I have 5 games for my xbox, and I have every single "achievement" possible on them. Each game says "1000/1000" (or whatever) but the overall gamerscore doesn't say what it is out of. which makes it a completely meaningless number, as with "edit count"
My first 400 edits here were adding categories to pages, fixing redirects that were pointing to the wrong place, fixing spelling and other very minor edits. Some of them I marked as "minor edit", but it doesn't change that every single one of them was counted in my "edit count".
There's a page Special:Editcount, which breaks down your edits according to main/talk/userpage edits, but it doesn't say how many of those were marked as "minor edit", so I'm not sure why that checkbox even exists.
50 of my last 100 edits have been substantially rewording vehicle pages, I rearranged headings, reworded lead-ins, descriptions, added trivia, cheats, moved the images around and into galleries, as well as adding a paragraph about the car mechanic modifications. If I was someone who just wanted to increase their post count, I could have done each of those things as a single edit.
added car mod info
moved images to improve flow of article
These things are all common things to edit a page for, so instead of getting +100 "edit score" for doing that, I could easily get +600
Instead, I fixed absolutely everything I could in a single edit. I actually have a text file containing all the modification info about every car - I was planning on just editing each paragraph in at once, across 100 different articles, but when I saw how badly each article needed rewording, I decided to take my time.
As i mentioned, there's a Special:Editcount page which breaks down where you made your edits, but it doesn't break down the quality of the edits, or the quantity of letters added.
When you add 1000 characters to a page, or just 1, you get +1 editcount. There's no reason for it to be in bold on your userpage, it is absolutely meaningless.
I'm not saying your "edit count" or whatever should be based on the number of characters you've added to the wiki - I've removed substantial volume of text while I've been rewording, and removing duplicate information. Also, I've removed several pages worth of vandalism, so counting just volume of bytes doesn't work at all.
What Special:Editcount does tell me is that although my editcount may be 2000, my edits to pages in the main namespace is only 1300. I've made 700 edits on talk and usertalk pages, but it's counted along with all the rest of my real edits. Incidentally, I just counted my minor edits, and I have 700. So that's only 600 real edits, plus 700 minor edits, 700 edits on talk and usertalk pages. I'm sure that most people don't actually mark their edits as minor when they only fix a spelling mistake.
I don't have a solution to this problem. I once created a page outlining some of my more important contributions, but I have since deleted that page, because it's pointless.