i like the rating system over like. Like is a rough overview, whereas rating could get a good idea on the satisfaction.
You may have noticed a few sites converting from a ratings system (ex: 1-5 stars) to a “like” system or some kind of ‘thumbs up’ system. YouTube would be one of those. Another site I am thinking of uses the Facebook “likes”. Yahoo Answers recently abandoned their ‘thumbs down’ option for a strictly ‘thumbs up’ system. I have no idea why. Do negative ratings not matter anymore? Are we hurting peoples’ feelings? Is it cyber-bullying to dislike something?? Which method do you prefer? What would you think if Amazon abandoned the 1-5 ratings system and jumped on the “like” bandwagon? Bleh… 
For me, rating system is much appreciated than “likes” procedure especially when it comes to products or gadgets review. It’s better to see positive and negative feedbacks so that people will know the reliability of the products their buying.
I think dislikes and likes are appropriate for products but not people, nor events, or social media in general I would say. I think your exactly right when applying dislike to social media it paves the path for “cyber-bullying”.
I see the headline now:
Highschool Student Kills over Dislikes
why did he go into a school with a gun and kill all those kids? – because he had 1,000,000 dislikes,lol.