We had that, it was the thank you system, which was annoying because you'd see all of the thank you's under the post.
The Rep system was good, but a few people misused it; but I'd like it to return. I'd say just ban them or moderate it, and maybe don't make it so that someone with 100000 rep points can instantly level one person up. Hell, you could just only have a rate-up/down system, with no comment option. Then, people would still be able to flag their opinions on certain posts, but without using ratings as a tool to flame someone. 90% of my rate ups(and I had a lot) were because of the content of my posts, the remaining 10% were because of the jokes in said posts. I had only received maybe a handful of meaningless rate-ups; and I don't buy that it was so rampant that everyone was rating everyone else up, otherwise there would have been a lot more people with rep like mine was.
I remember in the thread asking it to disappear(there was a poll there too), the only people who wanted it gone were people with little/no or negative rep's. Then the poll said keep it, but the mods took it away anyways.