I think the rep system should be modified... but much different than it is now...
1) Rep +/- should be auto-signed.
2) All +/- rep should be open for everyone to see. That way when someone goes from 500+ to 1600- people can look and see why, instead of giving that person rep because you don't know why they are now so low.
3) Obviously, everyone agrees that the max is much to low... after raising the level, either you can make each chicklet image worth more points, or you can add a seperate image to represent a larger # of points.
4) Some forums should have reputation disabled. Open Discussion being one. No reason to have reputation in an "Open" Forum.
5) Also.. moderators should have the ability to read and delete wrongfully added dings. Obviously you shouldn't delete dings if someone bitches about them.. but at least have the ability to do so.
EDIT: But moderators shouldn't be able to delete rep from their own avatar.
6) All posts that were given +/- rep points should have a little symbol next to them, that let people know that that post has ALREADY been given +/- rep points..
7) Limit the # of +/- rep points in a day... not just ratio it.. but actually place a hard limit. Many times I have received positive rep just so someone can ding someone else.
8) I do also like the idea given earlier about the certain areas that you can ding people for.. however, I would not support that idea for positive rep.. you should be able to tell someone exactly why you gave them positive rep, since most + rep posts won't be classless.
9) Limit the # of rep points that are given.. such as the MAX rep points you can receive with 1 + rep posting being 150 points.. that way we get rid of the Newbies with 1 post having more rep than 95% of the board.
10) Last, but certainly not least, disable newbies from given +/- rep points till they have been a member for a certain amount of DAYS.. making it a post count would cause them to just post a crapload to do their deed anyway.