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Well, let's start with what's not equal, upvoting and downvoting. The ability to downvote someone, which is a form of censorship is an ability exclusive to those with more SP than the one being downvoted. Additionally, the upvote value earned from upvotes also increases followers, upvotes, resteems and curation trails regardless of the quality of work or effort put out by said individual.

The amount of SP a person has causes many forms of inequalities. That said, were the STEEM to be more evenly distributed among the community this would not be so at all. More people would have $0.01-$0.10 upvote values and good content would be rewarded by large audiences rather than a small minority of whales.

Is there something you feel is being missed in my definition? I'm not quite certain what you mean by your question. :) Thanks for commenting dana!

Life isn't equal. What matters to me is whether merit is rewarded on Steem. Currently it's not. The amount of SP a person has if they earned it is based on what they contributed. The problem isn't that people have unequal amount of SP. The problem is there is no reward for people to participate long term. Why play the game if the only wins you can get are short term?