Other members give you positive or negative reputation, e.g. you get one rep point per reputation that someone gives you. It was part of the board a while ago, then removed, then recently added back in. Reputation is usually given when someone strongly agrees/disagrees with something you've said... a sort of thumbs-up or thumbs-down kind of rating system. What good is the rating? Well, one benefit is that it's able to help users identify who to listen to and who to ignore. That sounds harsh, but there are people on boards who spew all kinds of misinformation, and do it intentionally. As another user recently put it, it helps you figure out who to listed to.
BTW, to add reputation to someone, you click the little scales icon next to their online status. You'll notice that if you hover your mouse over this icon, it will read, "Add to X's reputation", X being the poster.