In this question, @Rosinante posted the comment almost at the very bottom:
Yea, but other throttles are relaxed based on rep
Is this true? Do the timers, etc. go away with higher rep? This would be nice.
I don't think the timers go away, I assume Rosinante had other features in mind.
Here is the list of privileges that can be gained with reputation
(I still have the 5 second timer on comment upvotes with more than 3000 rep on SO)