If you get a new public key for someone, and it's signed by someone else you don't know (most of the time this is the case) are you going to bother to utilise that signature to increase the trust? No. Are you going to assume increased trust somehow regardless? Yes. FAIL.
Modify it further, if it is signed by someone you do know what are the chances your UI is going to give you any sort of indication that this is more trusted that other message workflows? And if it doesn't give you any indication (most leave it up to you to check) who's gonna bother to look just passed "your friend <yourfiendsname@company>" ASCII and actually check the key? no one. FAIL.
PGP WoT fails miserably.