I had three posts, that were valid when written, deleted today, because someone thought they no longer belonged. They may be right on some of them, that they aren't valid anymore (they refer to Stack Exchange 1.0), but that doesn't mean I should lose the rep and badges for them.
My request would be to allow a 'delete but no rep loss' vote, so that even if they're deleted to keep confusion down, the original poster wouldn't lose the rep or badges he earned because of site and policy changes.
What they're doing now is just punishment for not being psychic.
As Arjan pointed out, it's about the time you've put in. When they take away the rep, they're saying that the time I put into the site was meaningless. While rep and badges may not be much in the way of real meaning, in the SE/SO sites it's all we've got.