Overall, I think that the positives connected with the reputation feature (primarily getting funny, happy notes) actually outweigh the negatives arising from its misuse (the greatest of which is signing someone else's name to a negative statement to a third party). Therefore, IMHO,
Randy's decision is a good one as it will eliminate the possibility of trouble makers sending out ill will in someone else's name but still allow for the joy that the reputation feature spreads around.
I do hope, however, this new policy notwithstanding, that
Randy, has or will take very serious steps (hopefully permanent banning) against the trouble makers who tried to cause hurt by signing someone else's name. That is a very, very serious offense.
As for normal dings, this is also a perfect solution. In the future if I get a ding from someone on my ignore user list, well, I guess I'll just ignore them.

If I get a ding from someone I like, I will contact them privately and try to understand their thinking.
Works for me.