The discussion on here about measuring engagement in online discussions illustrates the diversity in our approach to this. How interactions are measured depends on the purpose of the discussion and the expectations or criteria being used.I agree - simply measuring rates of participation is less than useless unless it is combined with other measures, e.g. use of literature sources, development of an argument, demonstration of critical thinking, original thought etc.
I am a strong believer in fair, reliable and valid means of assessing whether it is formative or summative. I also feel that we need to ensure our expectations are clear and unambiguous. Our students should not have to read our minds about what is required.....so I am a fan of clearly laid out criteria or frameworks to guide what is required by participation in online discussions. I prefer that they are formative and build towards the development of summative assessments rather than actual posts being marked. The criteria are used to guide the students how to post.
With this in mind, I like the conceptual framework developed by Nandi, Chang and Balbo (2009) for measuring the quality of online discussions - this includes criteria to assess the content including level of critical thinking, and quality of interactions as well as the participation rate.
Nandi, D., Chang, S. & Balbo, S. (2009). A conceptual framework for assessing interaction quality in online discussion forums. In Same places, different spaces. Proceedings ascilite Auckland 2009.
http://www.ascilite.org.au/conferences/auckland09/procs/nandi.pdf