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dc_dux, it depends how you define "working reasonably well." There's a supposedly well-regarded public financing scheme in NYC, where I live. It operates, basically, as an incumbency protection device with ancillary provisions designed to benefit the Democratic party and its constituencies. NYC is, of course, an intensely Democratic city, so it figures that the laws here would operate that way. Is that "working reasonably well?" Only if you think the most important purpose of campaign finance regulation is to elect Democrats.
Most campaign finance regulation is drawn up with a view to protecting incumbents. Incumbents are the ones who write the rules, after all.
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