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As a consequence of this feature request, the community wiki tooltip was changed to this:

Marking an answer community wiki encourages others to edit it by lowering the reputation barrier required to edit. However, you will not gain any upvote reputation from it. This cannot be undone.

However, according to this FAQ, downvotes don't affect reputation either (nor if the answer gets accepted). This is why the tooltip may be a bit confusing. Therefore, I suggest to change the tooltip to the following:

Marking an answer community wiki encourages others to edit it by lowering the reputation barrier required to edit. However, this answer won't affect your reputation. This cannot be undone.

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Maybe change the sentence to remove the "however", since the sentence is no longer strictly negative. –  Toomai Jun 19 '12 at 19:52

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