You make a very good point there exigeracer, as you said, people with the badge don't need to see thier points because they know they have the badge and thats it. People without it though won't check thier posts one by one to see if they have and rep points on the off change they did get some last night.
However and this is a big however, it doesn't take an IQ of 1000 to work out what a good quality post is or isn't. If you read Jordans last post he said that the system is more to reward people who have been on here for a long time and over the years have contributeed to the site a lot. The key is consistency, no matter how the system works not every good quality post you make will be seen and rewarded with points. A new member may start off making good posts, but the key is still consistency, if in 6 months time he's still making good posts he might be well on his way to earning the badge.
I think two things may have contributed most to the change in system are firstly, a few people had started viewing points as penis extensions, and secondly people were starting to get the badge too fast thanks to various different things including possibly logrolling. Looking at the system as a long term system it's not bad, if you expect people to join and have the badge in a matter of a few weeks or a couple of months then the system wont seem right to you, but if you view it as a long term thing where a new member may in a years time get the badge, then it fits perfectly imo.
The key to getting the badge is consitent quality posts not the odd one or two in every 20 you make, be consistent and you will get noticed and you will get the badge, but it will take some time.
The only thing I do think may need looking at is the number of posts you need to rep before repping the same person again, I was waiting ages to rep a particular post and now I can't even remember where that post is. I don't want to rep someone for the sake of repping them so I can get round to repping someone who deseves it, I won't do that. But it's a possibity that it could happen on the site, I don't mind there being more than 10 people but whatever figure it's set at now seems too high. Have you thought about having it done by number of people or a period of time (if it can be done in the first place that is)? For example, if for example, I rep McLaren, I need to either rep another 20 people before I can re-rep McLaren or I can re-rep him in 7-14 days time, that means that if your not a high repper like me, and done give rep all that freeley to people you can still re-rep people when they deserve it while still making logrolling a mre work thani's worth exercise.