I've installed it on two of my sites and the response falls into two categories:
1) Those upset at the loss off their ability to circle-rep each other (and the subsequent loss of their circle-rep power)
2) Those thankful for the level playing field
I have a site with 130k members; it was a mad rush to get groups together to prop each other to the top levels. Then, with their "rep power" they would target other groups with negative rep - it was not very pretty.
This new system makes for no incentive to continually rep people and forces people to actually find ways to get other members to rep them.
So far, it's working out perfectly!
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