Belegarth

Another board I visit at http://terminallance.com/forum/ uses a karma system whereby board users can vote +/- 1 to a poster's reputation score based on contributions. The best part is that scores are permanently assigned to the username, rather than individual posts. There's a limit of one vote per hour towards each recipient to prevent abuse.

It's unnecessary, but an interesting concept, and may help deter unwanted behavior since anyone can see at a glance what your reputation amongst the population is.

Is it something that this board could/would consider implementing?

It's possible. We'd have to find a mod for PHPBB that was well supported and current on their versions.