I love my meta rep. I'm shamelessly farming it to help launch the GIS site.
Still, I think that the decision to avoid distinct meta rep on the new sites is a really smart thing.
In my opinion, things would be better if your effective rep on meta was derived in some fashion from your rep on the other sites, and that no new rep was created here -- just as on the new sites.
If you read this and agree, please upvote. In the short term, you'll help launch GIS. In the long term, you'll make unicorns smile.