I just noticed that the exalt/smite system has been reinstated. I don't want to speak for everyone, but in my personal experience, every single instance of this system has resulted in popularity contests, trolling opportunities, and general whininess. I've been on other forums and sites that used this system, and it wasn't unusual for the "older" members to gang up and "smite" the users they didn't like. (Some people took their internet reputations a little too seriously.)
If there is any way to remove this system, I think it should be done. On the old forum, I remember some other users complaining that the system only lasted for a week before it devolved into complete flamewar.