best way to remember it, the little green "pips" are awarded to you for each x number of rep points you recieve, your rep points are shown in your user cp below subscribed topics with new posts. the number of points you get from a user is directly relative to THEIR rep POWER (the number above their pips) you gain power based on a combination of how much rep you give out, and how many posts you have made. YOUR points and power are completely independent of eachother...
for the first while, i believe that it's 1 pip for every 100 points you receive... after it goes to light green, i think it's every 500 points, but i forget...
only real explanation as to what it's for, it's a good way to tell that i'm way more awesome than our buddy k.strong there

lol
some people abuse it, and rep for EVERYTHING, as such one of their reps are now worth like 65+points... mine is (will edit) because i only rep people when they post really awesome stuff...
i also neg rep people (take points away from them) when they are being a douche or a dumb troll... or acting like they are something special when they are brand new to the site... you have to earn my respect, i don't give it freely, though it's not that hard to earn... for the record, i do not think i'm anything special, and don't mean to come off that way...
yes, rep is good...giving rep gets you rep...most of the time...
It's not a contest, really...and there is no value to it other than spreading the word that you appreciate someones help, humour, or halitosis...lol...couldn't think of another h word...oh, hooters....yeah, hooters...
I made a joke about rep being used to buy stuff at Wal-Mart a while ago...not sure how many people tried to redeem theirs but I didn't get any flak back from anyone...
lots of rep is given for hooters lol...
It's better to give rep than recieve. Unless it comes from RSH then it is considerd a rape....
I gave ya some rep. 37 points worth!
i disagree... it's better to give deserved rep than to receive pointless rep, and honestly, someone with like 3 pips and 65 power, i look at them, knowing they are a tool...