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Rep is an alternative to judge members other that actually reading their posts on the forum, to some people.
Without rep there is nothing else to hold a member to except his or her posts, which is how it should be. I don't want rep back, it started out great, but it just went downhill either by people abusing it or making a game out if it, which is not it's intended use.
What's the difference between the first and second ones, they both say bring it back with rules, the second one says reset but I assume you'd have to do that anyway :S. Anyways, rep FTW!
As a member for a few years now, I've seen the best and worst of rep. Not having it at all is a way of telling people they're just here to talk and have fun.
The rep system is counterproductive, assuming the goal is substantive discussion. The only people that take it seriously are immature posters of low quality, and the system does not encourage them to improve. Further, it's used by quality posters to antagonize awful posters. While it does bring the lulz, it isn't good for the long-term benefit of the poster.
Don't bring it back. All it creates are people wanting to have the highest rep to look cool, so they start giving rep to everybody expecting rep back. I agree with Axis rep does discourage posting, if someone likes/dislikes the post they can reply to it saying what the like/dislike, same with shoutbox.