No.
This is a somewhat stance against the pathetic rep system altogether.
The people with the most rep are people such as administrators and forum moderators. Everyone sucks up to these people. There are some people who are genuinely awesome, but the most I've ever seen them reach is 3 blocks.
Then, we have people de repping others for no good reason. For example, someone was de repped for spelling something incorrectly. If that person was a moderator, however, the de repper in question would have let that slide.
Don't get me wrong though. Even though it is gimmick, it does work on other forums, and I have seen it. The green/red blocks actually reflect how well liked or hated that person is, and it's quite interesting. But regardless, even in those kind of forums, a persons rep should be left to the individual. If someone does not like somebody else, there is no need for a pointless reputation system. Leave those decisions to the individual.