The major problem with SO's current rep/gamification system is that it does not reflect skill, knowledge, nor meaningful contribution and it quickly loses value for anyone that believes in meritocracy. A minor problem is that it is used to railroad new users off the site by people who really aren't very helpful and instead weaponize it against others.
I have worked for companies such as Hughes, MySpace, Blizzard, Rockstar Games, etc as a Desktop App, Web App, Mobile App, and Infrastructure Services developer. I have implemented medium and large scale clusters with a concurrency of over 4 million users. I am also the author of Mubox, Multiboxing Tools for popular online games such as World of Warcraft. I have over 30 years of software development experience ranging from the good-old-days of inline-assembly and TSRs to present-day large-scale distributed information systems.