This might sound a bit crazy, but hear me out...
There's a certain behavior among voters on SO that, while understandable, makes down-voting incorrect or unhelpful answers somewhat counter-productive: the sympathy up-vote.
Try this: watch new answers, and wait for one that's particularly useless to pop up. Make sure it isn't blatantly abusive or insulting - just completely unhelpful. Wait for a few minutes, to make sure it isn't improved by the author or a wandering editor. Note that it hasn't been up-voted.
Now, down-vote it... And wait to see how long it hangs around with a -1 score before someone up-votes it. It won't be long...
It seems there are many kind souls on SO who feel that any answer which is not blatantly offensive shouldn't be scarred by a negative score, and who will act to counter any votes that result in such a scenario. Nothing wrong with that, in and of itself - everyone is entitled to their own opinion, and so long as they don't up-vote to the point where it sorts ahead of other, correct and helpful answers, no harm done...
...except for the disparity in reputation taken from and then returned to the person who posted the answer. See, it turns out that posting benignly unhelpful answers is actually a pretty decent way to pick up a few rep points. Since it takes five down-votes to counter the rep bestowed by a single up-vote, snagging an early down-vote on your unhelpful answer will almost assuredly leave you with at least an eight-point bonus once all is said and done!
Indeed, if you were so inclined, you could garner a tidy reputation by merely being consistently fast, and only subtly wrong. It's better to be lucky than good...
That is a shame. So, I propose that, so long as the current vote score for a given post is less than 0, the rep bestowed upon the author for an up-vote should no more than match the rep taken from him for a down-vote.
One down-vote: -2, one up-vote: +2, net score for the post: 0, net score for the user: 0.
Of course, an up-vote followed by a down-vote would still result in a net +8 rep for the author. That's fine - i don't see anything wrong with the difference under normal circumstances.
(reposted from UV, now that MSO is the official feedback site...)