I have many thoughts on the reputation system, and was one of the few that was completely against it in its original form.
The original reputation system that we had in place was too high powered, with people being able to give one or two reputation bars in one go. This lead to people going on repping sprees and de-repping sprees, when they had a friend that they wanted to reach the top rep, or when they found someone that they thought it would be fun to get to the bottom reputation level.
Reputation however, is something that I think this forum should have. It can be a useful tool, if implemented in the correct way, helping new forum members know who to trust, and who to potentially ignore when it comes to advice and help on the forums.
Personally, I think that there are far better systems out there as far as reputation systems go. There are some that take into account several different things, and work out a point score from all of these things, so that one thing cannot change it too much. Others take a look at the previous posts by you, and if you're a spammer, with lots of very short posts, you will have a lower reputation score than someone with fewer long posts. None of these systems are without flaws, and if we are going to have a system, we will need to make do with what we have.
If I am going to see the original reputation system come back to the forums, I expect it to have less of a power crazy side to it. Each reputation boost/lowering should be worth one reputation point, rather than the 50-200 points it was worth previously. This along with having the limits for each bar of reputation at the same distance as before, should mean that less players are reaching the high levels quickly. Everyone should earn their reputation, not get their friends to give it to them, and if the repping power is lower, it will take longer for people to rep their friends to high levels.