What is the rep meter?

On every other forum I've ever been on that uses rep, it doesn't work too well. It seems like a good idea but in practice it sorta falls apart. You end up having a few guys that think they're supposed to be the board police and go around handing out neg rep for nothing. I haven't looked at the system here but hopefully you have to leave your name when you give somebody rep. Anonymous rep is a real problem.