I have to side with Kyugima on one point
I think the loss of the karma and the bite option will make users feel more like they can be rude, or make comments on posts that they might have been warded of to do so before. People are more likely to say what they really mean; which in one case may be good for the "discussion" side of things, but could also lead to the clashing of opinion and ideas in a bad way.
The bite option was a subtle and yet somewhat effective way for users to reprimand their fellow players for things they didn't agree with. And while I think the name change will be effective, I also believe that it was better to have had it.
As for those who feel it /could/ be abused, the once every twenty-four hour things seemed pretty effective. Not to mention if one felt their once-karma points were being eaten away at, they could have alerted a staff member, if it continued, I'm satisfied it could have been dealt with. But really, I don't know what kind of pathetic person would come onto the forums every day to bite at a user's points just out of spite or distaste. It's a pointless means to get back at someone, or at least, this is how I view it.
I never really paid much attention to the entire system, mostly because I know where and who my karma's coming from. However, when scrolling through threads, I did give the occasional nuzzle to someone who made a good point, or bit at someone who was indeed saying "hey, i can say this, so i'm going to say it" and their manner of saying so was less to be desired.
i feel it was a system that was okay where it was at, though I never really cared one way or another for it, i think for the majority, it was effective and to the point.
the only thing i could think of to ward of naysayers about the abuse, would coding be possible to stop the count from going below zero /with/ the bite option in place?