I think it needs to be done away with. Now, I'm aware that people aren't, or shouldn't be, judged how helpful you are by the amount of rep they have. But if that's so, then what's the point of it being there, to look pretty? To show how popular the particular user is?
That being said, some older members have earned their rep through helping a vast amount of people, the way it was meant for. Now people are surpassing them by gaining rep for, really, no reason at all most of the time. I'll admit to being a part of this on a couple occasions, but it really needs to stop if the rep system is to stand.
I just think for it to stand, we should stop asking/begging for rep and just accept it as it comes -- don't expect rep from others, just be happy when you receive some. I liked the rep system before it got abused, but the way things are going now, I think it needs to go. If we can revise our ways, I'm perfectly fine with it staying.