That really depends on how the ranked ballot is set up.
I kind of think a ranked ballot is the best representation of a population's sentiment. However, we recently saw a ranked ballot experiment in Canada which failed, in my opinion, to represent it's constituents and it made me think twice of daring to play with electoral reform.
I'm talking about the CPC leadership election. Now, full disclosure, I was and am 100% behind Maxime Bernier. I don't think the thoughts I've had on this are centred around sour grapes but to deny that sour grapes could affect my ability to be objective would just be dishonest with myself; it's certainly possible.
However, the CPC leadership election used a rank ballot, and what I thought was really poorly thought out and really resulted in a leader who I think does not have the support of the party from the get go, was the fact that a 12th place vote, in the end, was valued the same as a 1st place vote. This really doesn't make sense, since a 1st place vote means you at least, more than anyone, represented the voter's views. A 12th place vote means the voter clearly did not connect very well with you, doesn't have much support for your views, and didn't think you very worthy of their vote... yet, in the CPC election, that 12th place vote was valued the same as a 1st place vote. I can't believe anyone actually even filled out their ballot all the way to 13 candidates to be honest.... they clearly didn't think very highly of that candidate.
*Thought Experiment*
In the federal system, there are only a few parties that really have a platform at all to connect with voters (changing more and more with social media). A third or fourth place vote being worth the same as a 1st place vote, we might as well just put them on a roulette wheel. But I could see something like 2nd place votes being worth 33.3% of a first place vote.... If you can get 39% of first place votes, and 37% of second place votes, I can see how you have the support to govern with majority power. However, if you have 38% of first place votes, but no second place votes.... you'd have to govern with a minority because clearly the other 62% of the population don't have much support for you.
This way, we kind of get the benefit of FPTP in which majorities are attainable and we give the government the leash it needs to do it's job.... but we also ensure a party that is despised by half the population doesn't get that same length of leash.
[/Thinking out loud]
But like I said, after the CPC election, I'd hesitate to dare playing with electoral reform...