First, I want to say that I really believe that this reputation thing is making most posts more civil, which is a good thing.
Second, I am noticing some status accumulation by some members, just like some of the ridiculous post counts, which are also meaningless.
Third, since new members really can’t effect reputation of established members if I understand the reputation feature, then I think new members are at a real disadvantage when it comes to being candid when posting. While you wouldn’t want to get into a reputation “gunfight” with a real established member, it would be easy to just crucify a new member and their opinion and reputation hits would be non-effective against you.
Just some observations of reputation so far.