This thread is older than 2 months, during this time I fully integrated this system into my main forum. It is used by almost every member, so it is not unnecessary, e.g. for trades it's very good.
By testing it in this time, I've fixxed several bugs, now it is very stable, since weeks there aren't any known bugs or errors, it simply works as it should be. From suggestions of my users I also changed some things, so it distinguishes from the top list above.
No private message if a reputation has been added or edited. A new notification in the vB menu is thrown. So if you received two new reputations and one was updated, a "three" is displayed in the menu. If you read the comments, it's set to zero.
Users can report every reputation. They are redirected to the "post report template", but modified for reporting reputations. If someone submit a report, a new thread with all information is created in the stuff lounge (as you may know from reported posts or given infractions). If a reputation has already been reported, it cannot be reported again.