I voted agaisnt. Unless people learn how to use it right will be a waste of time.
I got numberous karma with positive comments, but the user voted gray on it, 'cause they don't know how to use it. Plus, sometimes it just gives users the chance to vote agaisnt you, even in neutral topics where you're not even expressing an opinion.
Karma system is like a political correctness contest. People who are always neutral, never express strong opinions and just are here to say "congrats X, happy X day, etc", will always have good karma, even if the actual quality of their posts is nonexistant or useless. Just because they're always right, and never post anything that might be agaisnt someone, they'll find affection from some other user who'll keep bring their karma up. Or a just registered newbie, they have good karma, even if they posted only a welcome message. Which is good of course, so far there's nothing wrong with it.
On the other hand you have people like me, that express strong opinions and...... well you know the rest of the story. I'll always post something that SOMEBODY would not agree with, regard or regardless of political correctness, and then goes karma down the drain. At the end you have us (the policatically incorrect) with very low karma.
Say you're a newbie that knows nothing about the forum, you post a question and get different useful repplies from nalini or me with very bad karma. Remember you're a newbie, will you beleive a word of what I'm saying? Of couse not, why would you take the word of a user with such low reputation?
How are people suposse to discern the quality of each members post, if karma says the opposite. See my point?