To be honest, I don't think this is a very good idea. There are already troubles with things such as popularity contests here on the forums. I think having things like 'reputation' can easily lead to discrimination based on how many 'likes' one has, and that sounds extremely unappealing to me.
While the intention is a good one, this seems like something that is far too easily exploitable and trouble-causing to do more good than harm.
It is also already rather disappointing to work hard and have your work be glossed over when a much more popular artist posts in the same thread. It's almost insult to injury that they can go around sporting a ridiculous number of likes in addition.
It's just not a level playing field, and while I'm not really the sort to care, I feel this could very easily breed resentment amongst members.. And that's the last thing we want, I'm sure.