All right. Your current reputation system has two things it attempts to solve:
- attract people with "a reward" to use the site
- filter up moderators from the crowd
I've used stackoverflow about a year, written 133 answers and 60 questions, I've got 2500 reputation. About third of my questions haven't been sufficiently answered. About half of my answers haven't been upvoted. One accepted answer has -2 votes.
The maximum rep one can get in a day is 200. That means one can take about two weeks and bypass my rep. 50 days and he's going to be a moderator. He only needs to get 20 people to vote his answer every day.
I don't see how it keeps me in. I'm feeling just cheated from using this site in the first place. I saw stackoverflow was supposed to be a place for getting answers to your questions and get the nicest answers/questions to bubble up. "Whats your programmer cartoon" and "what's your best programmer joke" along some of the others on the "vote" -slab seem to just make things rise up what were already on the top.
Well, there's one thing it succeeds at. Breaking pageranks! Before stackoverflow you used to see Q/A with paywalls and empty forum posts. Now you see an empty stackoverflow question before everything else.
Note this is not everything I'm pissed up about stackoverflow, just the beginning (there's lot worse issues in getting questions for people who can answer them). I'll place it up as a community wiki because it's not so much of a question. More like a perception.
(Oh yeah, I've had a question closed because it had some prepared rambling after the question that most people thought was an answer.)