The President is a largely symbolic apolitical role – yet also popularly elected. To ensure only high quality candidates run, the hurdle to nominate is rather high – nomination by at least 20 members of the Irish Parliament (the Oireachtas), or by at least four county/city councils (Ireland only has 31). My impression is that people are generally happy with the outcome of the process.
In Australia, we could similarly require nomination by at least 20 MPs (the Parliament of Australia is only slightly larger than the Oireachtas, 227 vs 220). The four councils requirement is a bit harder to translate – but rough equivalents would be nomination by 1 state/territory government, or by 70 local councils.