I think that this is the article referenced by the wired cover. If it isn’t, it should be.
1) I would find no government to be best, but I accept that this is unworkable.
2) If there were a way to reliably pick the most suited people to make up the ruling class, then yes, aristocracy would work better than democracy. If you really want to get picky, since we have a representative system rather than voting on each individual issue, we already have a ruling class, we are just using an election system (and capitalism/corporateism) as the method to determine it’s members. If the ruling class were determined by some reliable system or methodology(that doesn’t exist, I’m not claiming that one does), then it would work better because the people determined by that system to lead would be the people best suited to do it, and they would be in a position to make decisions that were not driven by a need to juggle public opinion and campain contributions but instead by the actual needs of the situation.