I would like to think that the members of this forum could be sensible enough to have a reputation system and not abuse it, however I don't think this is possible, it seems that since it has been enabled there have been a large number of people complaining that they have been given bad rep, even when it has been justified.
There has then been the people who have thought it amusing to give it randomly, personally whether rep stays or goes, it doesn't really bother me, but to exist in the form it does now, then definately get rid of it, if it can be moderated and members can stop the fighting over it, then maybe but after all it is a forum on the internet, its only an ego boost to those who have it, nothing else. I don't believe it influences people to listen more to a person, because they high rep, its not even noticable. In the end it is a game, a little bit of buzz, for people to feel valued in an internet community.
Anyway, keep it if the bugs can be ironed out