IMO, its actually a milder version of whether anyone quotes your post when responding in a thread. So keeping it or getting rid of the system doesn't really do anything as long as no one ever starts ranking users or allowing -1.
I guess the cumulative count is a little different, but even then I don't think it changes much because a lot of the time its not even about the post. You see, I went insane once trying to figure out why I jumped 5 in a day because I knew I hadn't posted anything worth +1ing and turns out my reputation is significantly influenced by Community being insane and funny as hell. That's it. No brilliant bit of snark. No particular wit. Just other posters that like the same episodes of the same show.
I do notice a pattern that +1 seems, in the threads I visit, tend to lean towards the pithy one-liners and less towards longer posts. So I tend to view the +1 as "that was funny" or "I agree" and respond in the thread to posts that prompt discussion. I don't tend to do both on the same post so I, personally, don't see reputation as the best indicator of contribution to TWOP community. But it doesn't hurt anything.
I'm kind of sad there is nothing above excellent because I like being surprised by what is next and when you get there. I'd vote for new levels aligned with the post count. Instead of neutral/good/excellent, your ranking is remote control, potato chips, binoculars, etc.
Edited by ParadoxLost, Aug 3, 2012 @ 9:56 PM.