This'll end badly.

Some kind of reputation system would be better but by no means perfect.
I could see people avoiding giving reputation if they want to win it or people creating multiple accounts or getting friends to rep them.

These could probably be solved though, the first one probably won't be an issue because they'll probably still be people giving rep fairly. The multiple accounts problem could be solved by only allowing people with that have been active for x length of time/number of posts give rep.

Such a system might be too subjective though, people may give rep for things they agree with and avoid giving posts reputation that they disagree with, even if they are constructive and helpful.

The whole thing might discourage people giving constructive criticism and people may just say nice things in the hope of getting rep.

But then this forum is quite good, so most of these things aren't really a problem.