Well this is news to me. The decision's final and all, but aside from the few bad folks lurking about, the rep system was what separated me from being a long time lurker to an actual poster. Not in the sense that one would post for rep, but by receiving it, one would feel like they were contributing more to the community who appreciated it.
I have an inkling you may hear from a few general and Fan Creation veterans too, since they built up that rep for a long time. As for me, it's a little sad to see it go, but I'll adapt.
There is a sense that I, amongst other people will be watching something we built up for a while get wiped in one instant. That might not be as pretty, but at least it'll be on Christmas Eve where I'll probably be preoccupied.
Looking forward to seeing how it all works out.