Though the question is infuriating and obnoxious at first look... I am happy about the buzz factor SO has generated and the genuine glow it brings on a true contributor/member's face!
The actual act of helping out other developers and using SO as a learning tool ...itself...is a worthy achievement. Reputation points are just a side-show.
Any company worth its salt...would check/test/interview the prospect with utmost care ...and would do a good job gleaning the grains from the chaff.
Speaking of points..I almost always get this question...from friends,co-workers and bosses...who are introduced to the Reputation system here @ StackOverflow
It is usually in the realm of:
* One could always collude with multiple email IDs to jack up one's own points
* Multiple people could connive to help each other with point upheavals
This used to rile me up...at first; I mean any genuine,earnest member of this community would get angered.
Then on I've become tempered enough and usually counter these "statements" with..
"Yes, what you say is true! StackOverflow is just a microcosm of the real software world. But the probability of a High Reputation member being actually genuine is much higher than the real world.How many members in our team or our unit or our company...really deserve the pay they get...How many of them really KNOW the stuff...What could you do about Mr.XYZ who is basically dead-weight ... but is still a "Senior Analyst/Programmer/DBA/Architect"....!"
This answers sobers up most of the Doubting Thomases :)
Fundamental Fact: We as a community rock ! And shouldn't allow a bunch of fakers and another bunch doubters to spoil the fun we are having!!!
Remember, those who CAN ... DO, others just mock or criticize!