I think it's a good thing to try; in the past, it hasn't worked out, but this time might work. I'm glad there's no comments along with the reputation, since it's led to hurtful things in the past, and I'm also glad that there isn't a negative reputation, since there's been many times where people might deduct reputation for not agreeing with another person or for being in an argument. Also, if this doesn't work out—like the previous time—it can easily be disabled. Can you view who's given what reputation? That would also be useful if reputation was spammed, since you could disable reputation for that specific person if others are using it properly. I just hope it actually works this time!
I don't think that regular members like us can see who's given reputation, although I'm guessing there'll be a way for Feld0 to check. You can see where reputation has been given by looking at the number in the bottom right corner of the post. As you've probably noticed, the rep system on IP.Boards is very different to the one on vBulletin.
