I don't really care if it stays or goes, but atm it's definitely being misused. For example, I've got a few neg reps that have had nothing to do with the post itself, but are just random abuse. This whole "I've repped you now you rep me" I believe is the main reason certain members (who shall remain nameless, youknowwhoyouare) have huge amounts of rep now. Also its going to encourage people to spam more, not only to up their post count but now also to up their repping power.
But as I said, I'm not losing sleep over it.