This user has serial up-voting reversed, but he still have badge Mortarboard.
Is it correct behavior of badges? I suppose it should be reversed too.
And will this 200 daily reputation (2012-03-20) score for the Epic, and Legendary badges?
As a matter of policy, awarded badges do not get reversed.
The only exception to this rule is fraud. If we are made aware of badges that were awarded fraudulently (sock puppetry, maliciously-intended voting irregularity or other), they will be revoked.
Badges are never removed, with the exception of badges gained because the score on questions using a specific tag; in this case, the badge is removed when the score for that tag is not the required one, or the number of questions for which you posted answer is not the required one. (See the .htaccess silver badge as example.)
If the badge can be gained more than once, and the requirements for getting it are not satisfied anymore, the badge is not removed, but the next time that badge would be given, a new badge will never be added.