The reputation's purpose was to help signify to the person that their actions were appropriate, or not, with what is desired at this place. Really all the smite thing was for was when someone did something that people did not want to encourage. Ditto the inverse of that with the applaud.
Personally I am not that fond of any reputation system, however I am inclined to think that a per post style feels better to me, although I yet to experienced one in practice.
Regardless, forthcoming information should be along before long.

Give the admins a chance