Is rep abused? I'm sure... as far as I'm concerned I only rep for posts I like (find amusing, are funny or really good, etc) and I very rarely neg rep. I only neg if there are personal attacks or just really stupid posts. I never neg in smack, and very rarely give positive rep in there either.
I mean it doesn't mean anything either way... but it is a nice way for people to recognize good posts on here, so I'm all for keeping it the way it is. I also like Pie because it's a public way to tell people you agree with the post.
Biscuit is my friend; he gives me rep from time to time.