I haven't been here very long, but it seems to me that I frequently see people with lots of badges and hundreds, if not thousands, of reputation points asking pretty simple questions. I don't want to point any fingers at anyone, but I would like to know what the point of reputation is if you can't really trust it to evaluate the reliability of the poster's abilities.
That isn't to say that I haven't been learning things here or that I'm unhappy with the responses, just that my experience is that there doesn't seem to be a correlation between reputation and ability -- mostly just a correlation between reputation and longevity (on the site).
Your thoughts? Ideas on how to fix it (if it's broken)?
The general consensus seems to be that the SO reputation system is not broken, but that you need to understand that reputation on SO is not the same as programming reputation. Answers should be evaluated on content not on the basis of the answerer's reputation. Reputation on SO is an extremely effective way to increase SO participation but not necessarily an accurate predictor of ability.